Fin24

Nampak lifts earnings, but disappoints

2011-11-23 14:01

Johannesburg - South African packaging manufacturer Nampak [JSE:NPK] fell short of expectations with a 15% rise in full-year profit on Wednesday, hampered by slightly lower revenue in its home market.

Nampak, which operates in 13 African countries, said diluted headline earnings per share totalled 170.1 cents in the year to end-September, compared with 147.7c a year earlier.

A survey of six analysts had expected headline EPS to come in at 174.2c.

Nampak shares were down 0.93% as of 10:39 GMT, and are down about 7% so far this year.

Nampak said its Angolan beverage can unit contributed 11% of revenues for the rest of Africa, which came in at R1.3bn.

Total revenues were largely flat at R15.82bn, a 0.3% increase from the previous year. Revenues from South Africa were down 2.5% on weak demand and after the disposal of several underperforming units.

The company - a major supplier of plastic bottles to the dairy industry in Britain - declared a total distribution of 108c, a 30% increase from the previous year. The rand's weakness and the improvement in competitiveness brought this about.