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20/02/2002
US slump hurts Smurfit group profits
Irish packaging company Jefferson Smurfit has blamed the worst market conditions in the United States since the mid-seventies for a 26 per cent slump in annual profits.
The group, which employs 3,000 people at 37 sites in the UK, saw demand collapse in the US as the economic slowdown began to bite. Higher energy costs also affected Smurfit's US subsidiaries, halving profits in North America in 2001.
Overall, the company's pre-tax profits fell to £199 million in the year to December 31, down from £271 million in 2000.
Smurfit, whose multi-millionaire boss Michael Smurfit is set to stand down as chief executive in the coming months, is the largest maker of container boards and liner boards for corrugated boxes in the world.
The group said it believed the performance was "credible" given the prevailing demand and the current economic conditions, particularly in the US.
(MB)
The group, which employs 3,000 people at 37 sites in the UK, saw demand collapse in the US as the economic slowdown began to bite. Higher energy costs also affected Smurfit's US subsidiaries, halving profits in North America in 2001.
Overall, the company's pre-tax profits fell to £199 million in the year to December 31, down from £271 million in 2000.
Smurfit, whose multi-millionaire boss Michael Smurfit is set to stand down as chief executive in the coming months, is the largest maker of container boards and liner boards for corrugated boxes in the world.
The group said it believed the performance was "credible" given the prevailing demand and the current economic conditions, particularly in the US.
(MB)
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