REPORTING SEASON: Amcor Limited (AMC)
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Figure 1: Amcor Limited 12 month chart
Global packaging giant Amcor Limited (AMC) has delivered a 21.2% increase in 1H profit to $326.6 million.
The result is based on continuing operations, reflecting the demerger of the Australasia and Packaging Distribution business (AAPD) which occurred during the half.
AAPD was renamed Orora Limited (ORA) and listed as a separate company on the ASX.
The demerger resulted in costs totalling $220.5 million, with reported NPAT including discontinued operations falling 30.1% to $159.3 million.
In the same period, revenue from continuing operations rose 14.5% to $5.2 billion.
The company has not changed its earnings outlook for the full year and still expects higher underlying profit, particularly in the Flexibles business, while weather and economic conditions in North America will be the main impact on the Rigid Plastics business.
Emerging markets exposure, such as China, is expected to underpin what CEO Ken MacKenzie said was an “exciting outlook” for the company.
“Over the past six months there have been a number of acquisitions announced that will deliver earnings growth over the next few years,” he added.
The company will pay an unfranked interim dividend of 19.5 cents per share on the 26th March, unchanged from the previous corresponding half.
AMC shares slumped following the result today.