Mondi Group (MND), Europe’s largest maker of office paper, rose to the highest in six months after saying its underlying operating profit in 2011 was “considerably higher” than that of a year earlier.
The shares advanced as much as 4.3 percent to 67.82 rand and traded at 67.68 rand at 10:48 a.m. in Johannesburg, heading for its highest close since July 27.
Earnings per share excluding one-time items rose to between 67 euro cents to 72 cents, compared with 47 cents a year earlier, Johannesburg-based Mondi said in a statement today.
The median estimate of 12 analysts surveyed by Bloomberg is for adjusted earnings per share of 66 euro cents.
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