Unfavourable foreign exchange rates have led Chesapeake to "modestly reduce" its full-year sales outlook.


Net sales for the second quarter, at 131m ($186.5m), were down 4% on the same period last year on a pro-forma basis.


The groups second-quarter net income from continuing operations was down 25% at 1.8m.


However, it was a modest downturn compared with the first-quarter figure of 2m.


This year has been transitional for the packaging and label supplier after it said it would sell off a number of its businesses.


Chairman and chief executive Thomas H Johnson said the group planned to reduce its annual corporate overhead costs by almost 50% from the start of next year.