Packaging company Amcor has reported a 4.9 per cent decline in first half profit, on the back of a stronger US dollar.
The company’s net profit for the six months to December was $US305.5 million, compared to $US321.3 million for the previous corresponding period. However, on a constant currency basis net profit actually rose 6.6 per cent to $US342.6m.
“Earnings per share, on a constant currency basis increased 10.2% reflecting strong profit growth and the benefit of a US$500 million share buy-back completed during the period. Cash generation was solid and returns remained above 20%,” Amcor’s Managing Director & CEO, Mr Ron Delia said in a statement.
“All Amcor business units performed well during the half year. The key drivers of strong earnings growth were higher volumes in both the Rigid Plastics and Tobacco Packaging businesses. There were also benefits from recent acquisitions and continued improvement in operating performance.”
Amcor will pay an interim dividend of 19 US cents per share. This is unchanged from the previous corresponding period.