Amcor

Amcor has reported a 16% rise in interim net profit to $238m on sales that slipped 1% to $6,035m. The company was keen to point out that before significant items the net profit was $322m, but we’re not buying it. Amcor has reported significant items in each of the past five years, of between about 30% and 50% of earnings before the items, with an average of 40%. I suppose we should be grateful that they don’t call them ‘one-offs’, although one suspects that’s just so they can keep doing it. Other ‘lowlights’ from the half-year results are the...

Amcor has reported a 16% rise in interim net profit to $238m on sales that slipped 1% to $6,035m. The company was keen to point out that before significant items the net profit was $322m, but we’re not buying it. Amcor has reported significant items in each of the past five years, of between about 30% and 50% of earnings before the items, with an average of 40%. I suppose we should be grateful that they don’t call them ‘one-offs’, although one suspects that’s just so they can keep doing it.

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