By Andrew Bushe
DUBLIN — Shareholders in Jefferson Smurfit, the paper and packaging group, who have seen the share price more than halved from their high this year, got little hope for optimism when the half-year earnings were announced last week.
The group reported a jump in pre-tax profits of 55 percent to £94.7 million for the first half of the year, but the turmoil in the Asian economies means an uncertain prospect for the second six months.
President Paddy Wright said while he was very pleased with the first six months’ performance, immediate prospects for the future had deteriorated.
"Basically what is happening is that the supply of paper that would normally go to Asia from the United States is coming back into the American market and is causing some problems in the inventory there."