Brambles Forecasts Higher FY17 Profit Despite Headwinds
18 August 2016 - 9:10AM
Dow Jones News
By David Winning
SYDNEY--Brambles Ltd. (BXB.AU), a provider of wooden pallets and
plastic containers used for transporting goods, forecast higher
profit this fiscal year even as it grapples with global economic
uncertainty and cost pressures in several markets.
Brambles said it expects to report an underlying profit of
between US$1.055 billion and US$1.075 billion in the year through
June, 2017, which would represent an increase of 9%-11% on the 2016
financial year if calculated using spot currency rates at the end
of June. The company also said it expects sales revenue to increase
by between 7% and 9%, from US$5.54 billion in the year just
ended.
"In FY17, we expect to realize the benefit of the investment we
have made to date in operational efficiencies, including the U.S.
Pallets durability program, which is expected to more than offset
direct cost pressures," Chief Executive Tom Gorman said.
On Thursday, Brambles reported net profit of US$587.7 million
for the year through June, which was up 8% after stripping out the
impact of currency swings. The company declared a final dividend of
14.5 Australian cents (US$0.11) a share, up from 14 cents a year
earlier.
-Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
August 17, 2016 18:55 ET (22:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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