ORORA boosts sales but suffers from business transition costs

Packaging giant Orora Limited (ASX: ORA) today reported big revenue gains and a profit jump in its latest financial year.

The company, the de-merged Australian operations of the global AMCOR packaging group, saw a 12 per cent boost in revenues to $4.25 billion.

The company also announced net profit was up 1.4 per cent to $217 million.

However restructuring costs following the de-merger pulled down net profit after extraordinary items by 24 per cent to $161 million.

The company review its operations and decommissioned its Petrie site in Queensland, and restructured its NSW businesses incurring significant redundancy costs during the year.

This was partially offset by gains from the sale of its Smithfield, NSW site.

Orora is focussed on Australian and New Zealand fibre, glass and beverage can packaging markets as well as packaging distribution in Australia and North America.

AMCOR meanwhile produces flexible and rigid plastic packaging and tobacco packaging in predominantly overseas markets.

Picture: Orora

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