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Packaging company Smurfit Kappa booked a 13% drop in underlying operating profit after revenue was hit by lower box prices amid the pandemic.
Smurfit Kappa, however, upped its final dividend, citing the strength of its prospects.
Pre-tax profit for the year through December actually increased to €748 million, up from €677 million in 2019.
But the rise was due to lower exceptional items, which, in the previous year, had included an Italian fine and Brazilian write-down.
Operating profit before exceptional items fell to €922 million, down from €1.06 billion, as revenue slid 6% to €8.53 billion.
Smurfit Kappa declared a final dividend of 87.4c per share, up 8% year-on-year.
Chief executive Tony Smurfit said earnings before interest, tax, depreciation and amortisation, although falling 10% to €1.51 billion, was ahead of company guidance.
'Both Europe and the Americas had strong demand in the fourth quarter offsetting significantly higher input costs, predominantly in recovered fibre,' he said.
'Driven by strong secular trends such as e-commerce and sustainability, the outlook for our industry is increasingly positive.'
'While there remains some uncertainty on the impact and duration of Covid-19, the year has started well with the continuation of the demand trends seen during the last quarter.'