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Amcor: net profit up 43%, restructuring announced

Australian packaging giant Amcor Ltd. said net profit for the year 2005/2006 ended 30 June 2006 rose 43% to AUD 351.3 million (USD 267.8 million) from AUD 245.3 million in 2004/2005. Revenue increased…

Australian packaging giant Amcor Ltd. said net profit for the year 2005/2006 ended 30 June 2006 rose 43% to AUD 351.3 million (USD 267.8 million) from AUD 245.3 million in 2004/2005. Revenue increased 3.7% to AUD 11.04 billion from AUD 10.65 billion. The Melbourne-based company said it will spend AUD 300 million over four years to restructure its Australian and New Zealand business after it reported a 17% fall in pretax earnings for the unit. It plans to sell non-performing assets and increase prices to raise earnings hit by higher raw material, transport and energy costs. The company, which competes globally with Owens-Illinois Inc., Toledo, Ohio, and Crown Cork & Seal Co., Philadelphia, said pretax profit from its Australasian unit fell to AUD 262.4 million from AUD 315.8 million in 2004/2005. Excluding items, annual net profit was down 11.5% to AUD 405.9 million. According to a company press release, Amcor Australasia“s glass wine bottle operation had another strong year with increased earnings as the second glass furnace moved to full capacity. Ongoing sound productivity and a full year“s production from the second furnace will deliver continued improvement in earnings for the 2006/07 year, the report said.

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