Mayr-Melnhof Karton AG Reports Modest First Quarter 2024 Financial Results

Mayr-Melnhof Karton AG disclosed its financial outcomes for the first quarter of 2024, highlighting challenges and flooring achievements across its divisions. The firm registered a fall in overall sales and adjusted operating profit compared to the same period last year, with total sales amounting to EUR 1,025.0 million, marking an 8.7% decrease from the previous year's EUR 1,122.1 million.

The adjusted operating profit witnessed a significant reduction from EUR 78.7 million to EUR 39.6 million, largely due to heightened production costs in the Board & Paper division. The adjusted operating margin dropped to 3.9% from 7.0%. However, the MM Group emphasized substantial volume growth in the Board and Paper sector despite ongoing weak consumer spending impacting the market.

Financial expenses increased mainly due to rising interest rates, impacting negatively with net other financial results deteriorating specifically from currency translations. Earnings per share plummeted to EUR 0.52 from the prior year’s EUR 1.71. Nevertheless, the company remains focused on executing its profit & cash protection strategies while seeking to enhance its market presence amidst challenging conditions.