Amcor witness 9.5% decline in profits for half ending Dec 31, 2008

20-Feb-09

Australia-based packaging giant, Amcor Ltd posted a profit after tax and before significant items of A$167.4 mln (US$106.8 mln) for six month period ending Dec 31, 2008 down 9.5% from the same period in 2007. The company's flexible packaging unit posted a 15.7% increase in profit before income tax (PBIT) including its food, healthcare and tobacco packaging delivered improved results. Amcor's PET Packaging units posted a 9% YOY decline in volumes and 5.2% YOY decline in earnings amid a challenging market environment primarily due to substantial destocking of the supply chain in the July to October period and continued disinvestment in the CSD and water product categories. Amcor Asia unit showed robust performance with half earnings standing 12.4% higher than same period previous year. On 6 February 2009, Amcor announced that it is currently in discussions with Rio Tinto PLC on the possible purchase of part, but not all, of the Alcan Packaging business.