Amcor CEO expects to meet earnings guidance

Ken MacKenzie, CEO of packaging giant Amcor, has tipped an increased profit for the company this financial year.

MacKenzie, speaking at the company’s AGM today, said that despite tough conditions, benefits were starting to be seen from acquisitions and efficiencies. The company was on track to meet its guidance.

Business Spectator reports the CEO as commenting on the high dollar and operating costs.

“Trading conditions in Australia are difficult," he said.

"We've got slowing economic conditions, we have the high Australian dollar, and we have inflationary cost pressures in areas like energy and labour."

The company would not rule out acquisitions in the future, but the price had to be right.

"We will remain disciplined in how we pursue acquisitions and understand the benefits of patience and not paying too much," AAP reports MacKenzie as saying.

Flexible packaging sales were steady in the year’s first quarter, and are expected to record strong growth later in the financial year. Rigid plastics saw a slight rise in sales.