Amcor posts record full-year underlying profit
22 Aug 2012
Amcor had delivered a record full-year underlying profit with another year of higher earnings ahead as the company reaped the benefits of key acquisitions and looks poised for additional growth in China.
According to the Australian packaging group its full-year underlying profit shot 11.3 per cent to $634.9 million, as against $570.3 million the previous year.
Chief executive Ken MacKenzie said the company's decision to acquire Alcan Packaging and Ball Plastics during the global financial crisis had paid off.
Amcor's flexible business, which includes tobacco packaging, was set for more growth in China, following the company taking complete ownership of factories in Beijing and Chengdu.
Its flexible business saw earnings rise 10.1 per cent to $683.3 million and earnings for its rigid plastic business were up 8.8 per cent and are expected to be ''moderately higher'' in the coming year.
MacKenzie further told analysts that a highlight of the year had been the company's growth in emerging markets including Latin America, eastern Europe and Asia.
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