Tissue maker Essity beats Q4 profit forecasts on increased prices

(Reuters) - Hygiene products maker Essity on Thursday reported bigger-than-expected fourth-quarter earnings helped by increases in its product prices, and said it planned to keep hiking them in 2023.

The world's second-biggest maker of consumer tissue has been trying to pass on higher material and energy costs to clients through continued price increases in the previous quarters.

The Swedish group, which sells consumer tissue such as toilet paper and napkins under a large number of brands including Lotus, Tempo and Vinda, said it had hiked its prices by a further 13.3% on average in the final quarter of 2022.

Essity's quarterly adjusted earnings before interest, taxes and amortisation (EBITA) rose to 4.08 billion Swedish crowns ($400 million) from 3.08 billion a year earlier.

The producer of Tork also "achieved its highest net sales ever", Chief Executive Magnus Groth said in a statement.

(Reporting by Louise Rasmussen and Agata Rybska in Gdansk; Editing by Milla Nissi)