Amcor announces profit rise

The world’s biggest packaging company, Hawthorn-based Amcor, announced a 15.7% jump in net profit to $412.6 million for the year ending June 30.

Amcor achieved the result despite the high dollar, which saw a pre-tax hit worth $35 million, as well as $222 million in costs from acquisitions and restructuring.

“These excellent results were achieved against a backdrop of subdued economic conditions globally and have been primarily driven by the benefit of making transformational acquisitions during the global financial crisis,'' said CEO Ken MacKenzie. Amcor acquired Alcan Packaging and Ball Plastic Packing during the GFC.

The company’s entire long-from statement can be read here.