marching along, page-2

Standards & Poors 27/8/04 :
Amcor Limited (AMC) yesterday had its BBB+/A2 corporate credit ratings, guaranteed issue ratings, and bank loan ratings, affirmed by Standard & Poor's. S&P also advised that its outlook on the company remains negative. Amcor's profit after tax and significant items for fiscal 2004 fell 5.2%, on the corresponding period last year, to $292.8 million.

Co. showed headline profit after tax and significant items of of $345M in FY04, 4.5% down on the $361M in FY03, but diluting for the impact of its convertible securities; basic EPS was 33.7 cents on FY04 NPAT at $294.7M (note 38, p.64 of FY04 accounts). This, at $7.40 prices AMC at 22.1 times EPS.