(Reuters) - Mondi, the biggest producer of office paper in Europe, said on Thursday the difficult trading conditions experienced in the latter part of 2008 had continued to impact its first quarter of this year.
Mondi, which was spun off from mining group Anglo American Plc in 2007, said in a statement its underlying operating profit for the three months to the end of March was similar to that of the final quarter of 2008.
Mondi said an improvement in the results from the Europe & International Division were offset by a decline in the South Africa division.
"Results were significantly below the comparable period for the prior year," the company said without giving figures.
The global paper industry has struggled for six years to climb out of a slump, burdened by overcapacity and soft prices, and the global economic crisis has further dimmed its prospects for 2009 with demand falling even lower.
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