Mondi Rallies to Six-Month High After Saying 2011 Profit Rose
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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