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Amcor announces record profit

Global packaging giant Amcor achieved a record profit after tax before significant items of $304.7 million for the six months ended 31 December 2011 – up 13.9%. Profit after tax and significant items was $204.9 million, down 9.4%;

Managing director and CEO Ken MacKenzie commented: “The first half result represented a record underlying profit, record returns and a record interim dividend for the company. These results are particularly pleasing given the backdrop of subdued economic conditions globally and a $16 million adverse impact on reported earnings due to the appreciation of the Australian dollar.

“The transformational acquisitions made in 2009 and 2010, during the global financial crisis, were significant contributors to achieving this record performance. The benefits from the Alcan Packaging acquisition have considerably exceeded expectations in terms of both quantum and timing.”

He continued: “The Flexibles business had a strong half with earnings up 24%. It was particularly pleasing that in Europe, underlying volumes were stable. This outcome is reflective of the defensiveness of the food, healthcare and tobacco packaging end markets.

“The flexible businesses in Asia had a strong half with good growth in all the key markets. This region is particularly attractive due to rising per capita income, increasing populations and introduction by our customers of new product categories.”

MacKenzie concluded: “The company is well positioned to continue to deliver improvements in underlying growth and overall earnings are expected to be well ahead of the same period last year. The business has undertaken substantial change over the past six years and following the transformational acquisitions during the global financial crisis has a strong platform for future growth.”

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