Packaging giant Orora has signed a deal to acquire two more US businesses after reporting a rise in half year profit despite pressures from energy costs a flat economic environment.
The maker of boxes, bottles and cans made a net profit of $92.1 million in the six months to December 31, up five per cent from a year ago, and revenue improved nine per cent.
Orora said it achieved solid US sales growth and realised efficiency measures, while Australian underlying earnings were hit by escalating energy prices.
Chief executive Nigel Garrard said Orora had also signed deals to acquire two more US businesses - The Garvey Group and Graphic Tech - for $US54 million ($A71 million).
The acquisitions are expected to be completed by the end of March.
"Both the results and acquisitions demonstrate the company's focus on driving shareholder value and investing for future growth," he said.
Orora expects its full year earnings to surpass the previous year's $280.5 million, subject to global economic conditions.
Its shares were down four cents at $2.98 by 1535 AEDT.
MODEST IMPROVEMENT FOR ORORA
* Half year profit up 4.8pct to $92.1m
* Revenue up 4.1pct to $1.9b
* Interim dividend up 0.5 cents to five cents, partially franked
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