Packaging manufacturer Pact Group posted a net profit after tax of $59.7 million in the year to June 30.
The Business Spectator reports that the result exceeded the $52.6million forecast contained in the company’s IPO prospectus by 13.5 per cent.
In addition, revenue for the period was $1.14 billion This result was below the prospectus forecast of $1.15bn.
According to the company, the result could be explained by its automation, product innovation, better productivity and integration of acquisitions.
Earlier this month, Pact Group said it was expecting a tax benefit of $18million – $20 million for 2014, following its formation of a new tax consolidation group and the resulting increase to the tax base of some assets such as plant and equipment.