Orora profit surges

ANZ packaging company Orora has recorded a 27 per cent increase in net profit to $87.9m on a substantial 14 per cent rise in sales revenue to $1.

 The strong half-year performance also delivered positive cash flow, up from $117m to $146m, 9bn and has curtailed some of its heavy debt.

Despite the surge in earnings, the packaging group is still saddled with $593m debt, down by almost 10 per cent from the previous year’s $645m.

The company is expecting to pay a dividend of 4.5 cents per share on April 6, up by 25 per cent compared to the last financial period’s 3.5 cents.

[Related: Packaging profits]

Orora managing director and CEO Nigel Garrard says, “Orora’s first-half results reflect a positive period for Orora in which the Group delivered on its objectives and produced strong underlying earnings growth, cash flow and increased returns.  The results also include the profit on the sale of land at Petrie, Queensland.”

Orora Australasia earnings before interest and tax climbed by 4.5 per cent to $105m, and the group says the beverage and fibre packaging sectors continue to have steady growth.

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