News: Amcor H1 profit soars 138%

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Amcor Ltd (ASX:AMC) has posted a half year net profit of $226.1 million.



The packaging supplier’s profit is up 138 per cent from the prior corresponding period. It says earnings are expected to be even higher in the last half of the year.



Amcor says its in-house, captive insurer would report a loss of between 15 and 25 million dollars, due to the floods in eastern Australia.



Second half earnings for the companies, Australasia and Packaging Distribution business will be in line with the same period last year.



Amcor reported a net profit of $201.6 million in the 2010 financial year.