Smurfit-Stone Container, which is 29.4 per centowned by Jefferson Smurfit Group, announced today net income of euro 17 million for the second quarter to end-June, down from 31 million last year.
Sales for the three-month period were slightly lower at $2.115 billion from $2.191 billion in the same period last year.
Mr Ray Curran, president and chief executive officer, blamed higher energy costs, a decline in prices for containerboard and pulp and additional mill downtime for the fall in income.
"Looking ahead, we need an appreciable increase in corrugated container demand to see a significant improvement in results," Mr Curran said.
He added "However, our strategy of debt reduction, cost reduction and producing to meet actual demand has positioned us to remain profitable in this difficult economic environment."
For the first half of 2001, Smurfit-Stone reported net income $24 millioncompared to $78 last year.
Sales for the first half were $4.29 billion compared to $4.22 billion in 2000.