Brambles Ltd has reported a five per cent rise in full-year net profit, as the result of new business in its pallets division.
The Business Spectator reports that the logistics giant posted a net profit after tax of $US584.5 million ($627 million) for the year ending June 30.
The company’s underlying profit also increased by five per cent, form $US913m to $US960m. (This value excludes financing costs, tax and significant items).
Brambles’ CEO Tom Gorman said in a statement that the result reflects Brambles’ ability to expand year-on-year as it streamlines its operations.
Changes this year included the demerging of Brambles' information management business Recall and the listing of a new independent holding company, Recall Holdings Ltd, on the Australian Securities Exchange.
In addition, Brambles purchased German-based bulk handling company, Transpac International.
“Our Pallets business delivered solid growth in both emerging and developed markets. Efficiency improvements and growth in under-penetrated regions drove a strong performance in Europe, despite intensifying competitive activity in the UK, while asset management improvements continue across the business, particularly in the USA,” Mr Gorman said.
“In RPCs, the strategic refocus in North America coupled with strong progress in Europe, Australia, New Zealand and South Africa are delivering strong and improving growth. We are confident of delivering a return to profit growth in RPCs in FY15 at the same time as we continue to invest in expanding our position.”