Operating profit rose by 10%, or Euro 4.6 million to Euro 50.8 million. This growth is primari-ly attributable to the overall improved performance of the MM Packaging plants. Accordingly, the Group's operating margin reached 9.5 %, following 8.8 % in the first three months of the previous year.
Financial income of Euro 0.4 million (1Q 2014: Euro 0.4 million) was offset by financial ex-penses of Euro -1.6 million (1Q 2014: Euro -1.3 million).
Profit before tax thus rose by 9.9 % to Euro 47.6 million (1Q 2014: Euro 43.3 million). Income tax expense totaled Euro 12.1 million (1Q 2014: Euro 11.2 million), resulting in an effective Group tax rate of 25.4 % (1Q 2014: 25.9%).
Profit for the period therefore increased by 10.6 % to Euro 35.5 million (1Q 2014: Euro 32.1 million). This corresponds to 6.6 % of sales (1Q 2014: 6.1 %).
The Mayr-Melnhof Group is the world-leader in coated recycled cartonboard with a growing position in virgin fiber based board and Europe’s leading manufacturer of folding cartons with a growing presence outside of Europe. The Group’s operations are entirely concentrated on the core business areas which are managed in two operative segments MM-Karton and MM-Packaging.
