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Astrapak earnings shoot up

Johannesburg – Manufacturer and distributor of an extensive range of rigid and flexible plastic packaging products Astrapak [JSE:APK] on Monday recorded fully diluted headline earnings per ordinary share of 106.3c for the year ended February 28, 2010 from 69.9c previously.

The group reported fully diluted earnings per ordinary share of 87.9 c, from 34.5c in 2009.

Fully diluted HEPS from continuing operations was up 89% to 114.1c, from 69.9c earlier, while the group reported a fully diluted headline loss from discontinued operations of 7.8c from a profit of 9.5c
previously.

Revenue was at R2.613bn, from R2.749 previously, while Astrapak pointed to a profit from operations of R277m, from R250.8m earlier.

Astrapak declared a final ordinary dividend of 26.4c per share in respect of the financial year ended February 28, 2010.

"We are pleased to report a set of solid results despite a challenging consumer environment and volatile economy. Many of our businesses have gained market share in a period where we have seen the size of the overall market showing a significant retreat. Overall volumes for the year were less than half a percent down on that of the previous financial year. We are comfortable that our underlying businesses have adapted well to the changed economic environment and remain competitive to continue to deliver on the Group's target in so far as growth and profitability is concerned," the group said.

In general, markets continued to be extremely turbulent and unpredictable throughout the year. Increased inflation and extensive job losses put pressure on consumers' disposable income and this impacted negatively on the results, Astrapak said.

Looking ahead, the group said that the slowdown in economic activity had also had a positive impact as it had allowed the group to reassess its strategy and many of its businesses and structures in view of the new economic reality, and take decisive action.

"Following the delivery against its resultant strategy, the group is now well positioned to further grow its volumes, improve its product offerings and achieve further cost and efficiency improvements in pursuit of its strategy to achieve an above-average return on equity," it concluded.

  - I-Net Bridge
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