Logistics company Brambles has posted a nine per cent drop in first half net profit to $US277.9 million ($A413.3 million) saying it has delivered sales and earnings growth despite ongoing political instability and macroeconomic uncertainty.
The pallets and containers business also says it expects mid single digit sales revenue and underlying profit for the full financial year.
Brambles first half net profit of $US277.9 million ($A413.3 million) was down nine per cent – on a constant currency basis – on the prior first half result of $US319.8 ($A475.6).
The lower result was down 13 per cent after currency costs and comes mostly after missing revenue from discontinued operations.
Its underlying profit was up five per cent at $US435.5 million ($A647.7 million) for the first half – on a constant currency basis – after sales revenue for the half of $US2.3976 billion ($A3.5705 billion) .
Brambles chief executive Graham Chipchase said the group has delivered sales and earnings growth across all its segments, and improved cash flow generation, despite ongoing challenges.
“Our operating environment in the first-half was characterised by increasing macroeconomic uncertainty and ongoing political instability, particularly evident in major European markets,” he says in a statement on Monday.
“In the US, while transport and lumber inflation continued to moderate, labour and property costs.”
AAP
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