Global packaging giant Amcor has reported record profits for its full year, ending 30 June. Profit after tax before significant items was up 11.3 per cent, hitting a record $634.9 million, the company announced today.
The group's managing director and CEO, Ken MacKenzie, commented, “To achieve an 11.3 per cent increase in underlying earnings was an outstanding effort by our co-workers, given subdued economic conditions." Profit after tax and significant items reached $412.6 million, up 15.7 per cent.
The company's flexibles segment saw a 2.3 per cent increase in sales, with earnings up 16.9 per cent and the rigid plastics business had a jump of 13.4 per cent in earnings with returns up 15.5 per cent. MacKenzie acknowledged the input of the company's acquistion of Ball Plastic Packaging in this segment and the significant effect the company's acquistions (including Alcan Packaging) had on the company's performance, "The integration programs for both acquisitions are ahead of schedule in terms of timing and total synergy benefits. These improvements have been a key component of earnings growth for the year,” MacKenzie said.
The emerging markets provided sales growth of 10 per cent for the company and will continue to be a focus for the company.
“In the current year it is expected that volumes will again be resilient and that the benefits from recent acquisitions, growth in emerging markets, cost reduction initiatives and continued strong cash focus will combine to deliver another year of higher earnings, expressed in constant currency terms," added MacKenzie. (21 Aug)
