{"id":1573240,"date":"2022-07-27T11:59:18","date_gmt":"2022-07-27T15:59:18","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1573240"},"modified":"2022-07-27T11:59:52","modified_gmt":"2022-07-27T15:59:52","slug":"smurfit-kappa-profits-jump-50-but-warns-some-demand-slowing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/smurfit-kappa-profits-jump-50-but-warns-some-demand-slowing\/","title":{"rendered":"Smurfit Kappa profits jump 50% but warns some demand slowing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsmurfit-kappa-profits-jump-50-but-warns-some-demand-slowing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1573240&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><img decoding=\"async\" width=\"373\" height=\"210\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q081-VIEWIMAGE-373x210-1.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" loading=\"lazy\" style=\"float:left; margin:0 15px 15px 0;\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q081-VIEWIMAGE-373x210-1.jpg 373w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q081-VIEWIMAGE-180x101.jpg 180w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q081-VIEWIMAGE-260x146.jpg 260w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q081-VIEWIMAGE-120x67.jpg 120w\" sizes=\"auto, (max-width: 373px) 100vw, 373px\" \/><\/p>\n<p>By Padraic Halpin<\/p>\n<p>DUBLIN (Reuters) -Packaging giant Smurfit Kappa posted a 50% jump in first-half core profit on Wednesday, sending shares in Europe\u2019s largest paper packaging producer sharply higher.<\/p>\n<p>Revenue growth of 33% pushed its core earnings up to a fresh record 1.2 billion euros ($1.22 billion), prompting Smurfit to increase its interim dividend by 8% to 31.6 euro cents per share.<\/p>\n<p>However CEO Tony Smurfit warned that demand, after booming as the pandemic bolstered demand for e-commerce and shelf packaging rose as economies reopened, is slowing in some parts of Europe as inflation makes consumers more cautious.<\/p>\n<p>\u201cIn the UK, it (demand) has been slow all year. We have seen a deterioration in orders in the more industrialised countries like Germany. The U.S., which we\u2019re not a real benchmark for, has slowed down for us,\u201d Smurfit told Reuters in an interview.<\/p>\n<p>Other markets such as Brazil, Columbia and Spain are still growing strongly, he added. <\/p>\n<p>In its earnings statement, the company said it was very confident about its future prospects and continued to see many opportunities for growth. <\/p>\n<p>Smurfit Kappa shares, down 30% this year, were up 6.2% at 34.2 euros by 0805 GMT.<\/p>\n<p>The Irish group, which a year ago was one of the first major European companies to predict that inflation was here to stay, is not seeing those pressures getting any better, its chief executive said.<\/p>\n<p>Smurfit added that the only way he saw cost pressures easing in Europe in the short term was if there is a \u201cvery large recession\u201d, but that the company does not expect that to happen \u201cat this moment in time\u201d.<\/p>\n<p>Smurfit Kappa passed costs on to customers in the second quarter and has done in the third, Smurfit said. The prices it charges are 35% to 40% higher than they were two years ago.<\/p>\n<p>After being effectively sold out of its product range in the 36 countries where it operates during the recent boom, Smurfit now has spare capacity in markets such as Britain.<\/p>\n<p>It plans to slow down some production in August to save on energy costs.     <\/p>\n<p>($1 = 0.9863 euros)<\/p>\n<p> (Reporting by Padraic Halpin; editing by Louise Heavens and Jason Neely)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2730993\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q081-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6Q081-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Padraic Halpin DUBLIN (Reuters) -Packaging giant Smurfit Kappa posted a 50% jump in first-half core profit on Wednesday, sending shares in Europe\u2019s largest paper packaging producer sharply higher. Revenue<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1573240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1573240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1573240"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1573240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1573240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1573240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1573240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}