Paper packaging giant Smurfit Kappa has reported a fall in earnings for the first three months of this year, however the group has been designated an essential business and remains operational. The company recorded earnings of €380m in the three months to 31 March, down from €424m in the same period last year. Smurfit Kappa said it has been deemed an essential business in generally all of the countries in which it operates. Tony Smurfit, group CEO, said: “During these uncertain times, we have a heightened focus on cost reduction while maintaining our market-leading innovation and sustainability offering. The company said it estimates that its capital expenditure will reduce this year to €500m-€55om from a previous guidance of €615m.

Source: Irish Independent April 15, 2020 06:33 UTC