Amcor FY profit rises

Packaging manufacturer flags future growth in earnings, shareholder value.

Packaging manufacturer and distributor Amcor (AMC) expects increased earnings in each of its business segments in the current year, strong cash flow generation and future growth in shareholder value after posting a higher net profit in fiscal 2013.

Amcor's net profit attributable to members after significant items for fiscal 2013 rose 45.6% to $600.6 million, compared with $412.6 million the previous year.

Full-year underlying net profit for the period came in at $689.5 million when analysts were anticipating around $685.6 million.

The jump was due to acquisitions, growth in emerging markets and improvement in operating performance, Amcor said.

Its revenue increased to $12.43 billion in the year to June, up 1.9% from $12.19 billion in the prior year.

The group will pay a final dividend of 20.5 cents per share, unfranked.

Combined with an interim dividend of 19.5 cents per share, this takes the total 2013 payout to 40 cents per share, unfranked.