Huhtamaki: 37% decline in EBITA

Persistent manufacturing problems at several units has hit operating profits at international packaging group Huhtamaki.
The Finnish firm announced a 37% decline in EBITA to E137m in 2003, despite a growth in sales of 4% to E2,108m. It said a series of actions were undertaken in the third and fourth quarters to reduce manufacturing costs and improve productivity.
Looking ahead to 2004, Huhtamaki said it was cautiously optimistic and does not foresee significant changes in market demand. It expects raw material prices in early 2004 to remain at current levels or move only slightly higher, while prices should be less volatile.
Huhtamaki’s investments in 2003 included a capacity expansion for the flexibles plant in Ronsberg, Germany, and a new flexibles plant in Ho Chi Minh City, Vietnam.

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