Mondi down after Q3 update

The price of shares in FTSE 100 packaging firm Mondi (LON:MNDI) has dropped by 4.10% to 1,599.20p (as of 11:05 BST) after reporting that underlying EBITDA for the third quarter was down by 20% relative to the same period of last year. Both sales pricing and negative foreign exchange impacts effected the business and outweighed the reduction in costs.

CEO Andrew King commented: “The decisive action we took in the early stages of the COVID-19 pandemic helped to protect our people, maintain supply of essential products and services, and deliver a resilient performance. Our people have demonstrated their enterprise and commitment, taking care of colleagues, communities and customers in these unprecedented times.

I am pleased that sustainable packaging continues to be a focus for our customers. We continue to make good progress leveraging our award-winning innovation capabilities and customer-centric approach to optimise packaging design using ‘paper where possible, plastic when useful“.