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Packaging company Smurfit Kappa posted a 16% fall in first-half profit after revenue was hit by weaker demand owing to the Covid-19 crisis, adverse foreign exchange movements and a fall in box prices.
The company, however, declared an interim dividend of 80.9c per share, which was the equivalent amount of its withdrawn 2019 final dividend.
Pre-tax profit for the six months through June declined to €383m, down from €456m on-year, as revenue fell 9% to €4.20bn.
Chief executive Tony Smurfit described the financial performance as 'strong' given the pandemic's impact on the global economy.
He said the decision to reinstate the dividend underscored the company's belief in 'the inherent strengths' its its balance sheet, free cash flow generation and long-term prospects.