Multinational packaging and paper company Mondi has reported underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of €450m ($438.4m), excluding its Russian operations, for the third quarter (Q3) of fiscal 2022 (FY22).

The figure is up by 55% compared with €290m in the same period of the prior fiscal year (FY21).

Mondi said that higher average selling prices and overall volume growth more than counterbalanced the ‘significant’ cost pressures.

The company’s corrugated packaging unit also benefitted from higher average selling prices against FY21 while its flexible packaging showed ‘resilient demand’ during the quarter.

In line with its €1bn expansionary capital investment programme, Mondi recently approved a €400m investment in a kraft paper machine at its flagship mill in Štětí, Czech Republic.

The company’s Russian operations were presented as discontinued operations and generated a profit after tax of €104m and EBITDA of €129m in Q3.

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Mondi CEO Andrew King said: “Mondi delivered strongly in the third quarter. My sincere thanks go to all of my colleagues for their ongoing agility and commitment in challenging times.

“We continue to partner with our customers, helping to lead the way towards a circular economy with our unique portfolio of innovative and sustainable packaging and paper solutions.

“We also remain focused on operational efficiency and cost control.

“Our ambitious expansionary capital investment programme is progressing well, as we continue to invest in our cost-advantaged asset base to capture opportunities in our structurally growing packaging markets, enhance our competitiveness and deliver sustainably into the future.”

In May this year, Mondi decided to sell its assets in Russia in response to the geopolitical conflict in Ukraine.

The company agreed to divest its Joint Stock Company Mondi Syktyvkar facility and two affiliated entities to Augment Investments for RUR95bn ($1.5bn).

Earlier this month, Mondi completed a merger of its Mondi Tire Kutsan and Mondi Olmuksan businesses.