Mondi has registered underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €680m ($744.44m) from its continuing operations in the first half (H1) of financial year 2023 (FY23).

The figure was down 28% from €942m in H1 FY22.

Its underlying EBITDA margin was 17.5% over the quarter, compared with 20.9% in the prior year’s period.

According to the company, softer demand, customer destocking, and higher input costs impacted its performance, but it was able to lessen these effects through its cost management and focus on service and quality.

The company generated total revenue of €3.88bn in H1 FY23, down from €4.50bn in H1 FY22.

During the period ending 30 June 2023, revenue from the company’s Corrugated Packaging business was €1.18bn, while its Flexible Packaging segment reported revenue of €2.06bn.

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Mondi delivered profit before tax of €418m in H1 FY23 against €933m in the same period last financial year.

Mondi Group CEO Andrew King said: “Mondi’s performance in the first half of 2023 reflects a strong delivery against a backdrop of challenging market conditions. Whilst underlying EBITDA was lower, the business exhibited its strong cash-generative characteristics, improving cash generation. We maintained a robust balance sheet and are continuing to invest in our pipeline of expansionary projects.

“So far in 2023, demand and prices have declined sequentially with the exception of containerboard prices which stabilised in the later part of the half year.

“We saw some benefit from lower input costs which continue to ease as we progress into the third quarter of the year. We remain focused on improving productivity and efficiency and delivering our MAP2030 commitments, while expanding capacity in our growing packaging segments.”

Earlier this month, the company completed the sale of its three Russian packaging converting operations to Russian packaging producer Gotek Group.