MELBOURNE: Australian packaging group Amcor Ltd reported a better-than-expected 5.7 percent rise in first-half underlying profit, buoyed by its Aperio food packaging acquisition last year and despite battling currency headwinds.
Amcor, the world's top maker of flexible and tobacco packaging, reaffirmed it expects a solid rise in earnings from its biggest business, flexible packaging.
Net profit before one-offs rose to A$322.0 million ($332 million)for July-December 2012 from A$304.7 million a year earlier. Five analysts on average had expected a profit before one-offs of A$313.8 million.
Amcor's shares hit a record high of A$9.16 last week, underpinned by investor expectations it will be able to generate strong earnings per share growth from acquisitions and share buybacks.
