May 15, 2009. /Lesprom Network/. Mayr-Melnhof Group said that 1Q operating profit was consequentially 19.6 % below the previous year’s level. The profit for the period, however, decreased marginally to Euro 26.5 million (1Q 2008: Euro 27.3 million) due to lower tax expense, company said in a statement received by Lesprom Network. Consolidated sales amounted to Euro 384.0 million which is 15.2 % below the previous year’s level (1Q 2008: Euro 452.9 million). This decline resulted chiefly from lower cartonboard sales and from devaluations of currencies versus the Euro. Profitability was almost maintained at last year’s level, with an operating margin of 9.3 % (1Q 2008: 9.8 %). The reduction in operating profit from Euro 44.4 million to Euro 35.7 million is primarily attributable to the volume decline at MM Karton. Financial income amounted to Euro 3.1 million (1Q 2008: Euro 4.2 million) while financial expenses amounted to Euro -1.5 million (1Q 2008: Euro -2.2 million). The profit before tax was Euro 36.2 million in the 1Q 2009, i.e. 14.6 % below last year’s value (1Q 2008: Euro 42.4 million). Income tax expense amounted to Euro 9.7 million. The higher value of Euro 15.1 million in the 1Q 2008 was mainly due to taxation of non-recurring income from the disposal of businesses. The effective Group tax rate therefore declined to 26.8 % (1Q 2008: 35.6 %). The Group’s profit for the period reached Euro 26.5 million which is 2.9 % below last year’s result (1Q 2008: Euro 27.3 million). The Mayr-Melnhof Group is the world-leader in coated recovered cartonboard and Europe’s leading manufacturer of folding cartons.