WASHING TON: Brambles reported an attributable profit of $447.2 million for the six months ended Dec. 31, compared with $146.2 million a year earlier, beating estimates of $323.8 million, according to an average of two analysts.
The company said profit was helped by the absence of impairments incurred in the previous year and recognition of the one-time benefit of $130.1 million from the U.S. tax reform.
Underlying profit for the first-half, however, rose only 1 percent on a constant currency basis to $493.7 million, impacted by previously flagged factors such as loss of large Australian reusable plastic containers contract and investments related to the Hoover Freguson joint venture.Under pressure from stiff competition in the Unite States, and hurt by the shutdown of Australia’s car manufacturing sector, the company maintained its full-year revenue growth to be in mid-single digits and expects underlying profit growth slightly higher than the revenue growth.
