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Mondi scraps dividend as lockdowns hit order book
VIENNA (From news reports) -- Mondi will not pay a final dividend for 2019, it said on Thursday, as it cuts costs and capital spending after seeing a deterioration in its order book in Europe and South Africa from the end of March.

Mondi's flexible packaging division, which makes paper bags and kraft paper used for industrial packaging, saw weaker trading in building and construction industries, and improvement in food, beverage and personal care sectors, it said.

"The potential impacts of COVID-19 remain very unclear and the pace of change means any effect on operations and the Group's financial performance for the year are difficult to predict," the company said in a statement.

Mondi, which makes container boards, pulp and corrugated boxes, said it had temporarily stopped production at its Merebank mill in South Africa and its Neusiedler mill in Austria as demand had slumped due to the coronavirus lockdowns.

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