Fin24

Astrapak earnings inch up

2011-09-30 14:48

Johannesburg - Packaging group Astrapak [JSE:APK] on Friday reported a 3.9% rise in fully diluted headline earnings per share to 24 cents for the six months ended August 2011, from 23.1 cents previously.

Its fully diluted earnings per share from continuing operations was flat at 23.8 cents, from 23.4 cents in 2010.

Astrapak reported turnover declined to R1.30bn from R1.35bn mainly as a result of a 5.5% decline in volumes, which could largely be attributed to the industrial action during the month of July 2011.

The group reported operating profit of R71.47m from R70.77m earlier, with profit from continuing operations at R39.48m, from R38.12m before.

Capital expenditure incurred was R110.5m, from R129.7m and included investments in the Flexible Division as well as a number of growth projects.

"The benefits of both will be seen towards the end of the current financial year once the items of plant have been delivered and commissioned," it said.