Global packaging giant Amcor says its first-half net income rose 10.3 per cent in constant currency terms to $US473 million ($A702 billion).
Net sales for the six months to December 31 were down 2.4 per cent to $US6.18 billion in constant currency terms compared with the same period in 2018.
Amcor declared a quarterly cash dividend of 17.1 Australian cents per Chess Depository Interest (CDI) trading on the ASX.
Amcor upgraded its guidance for fiscal 2020, saying it now expects earnings per share growth of seven to 10 per cent, up from the five to 10 per cent previously forecast.
Amcor said its $US6.8 billion acquisition of Bemis resulted in about $US30 million in synergies in the first half and it was expected to realise $US180 million in savings by fiscal 2022.
“We are making very good progress capturing synergies with momentum building ahead of our initial expectations and we are excited by the opportunities for the combined business as we look ahead,” chief executive Ron Delia said.
Amcor said it spent $US223 million repurchasing 21.9 million shares during the first half and expects to complete its $US500 million buyback program by the end of fiscal 2020.
At 1321 AEDT, Amcor shares were down 0.5 per cent to $16.02.