News: Amcor doubles profit

.

Amcor Limited (ASX:AMC) has almost doubled its full year net profit.



Net profit was $357 million for the 12 months to June 30, up 95 per cent from $183 million a year earlier.



Revenue for the packaging manufacturer increased 26 per cent to $12.4 billion.



Amcor also said it will buy back up to $150 million worth of shares in an on-market buyback.



The company expects to achieve more cost benefits from its takeover of the Alcan Packaging business.



Amcor’s directors declared an unfranked final dividend of 18 cents per share, an increase of 6 per cent compared with the 2010 dividend.