The Orora Ltd (ASX: ORA) share price fell 2.5% in early trading on Thursday morning despite the packaging business reporting a 5% increase in revenue for its 2018 financial year.
Orora is a $4 billion packaging business with operations around the world.
In a statement to the ASX this morning, Orora revealed that its net profit rose 15% to $214 million. What’s more, the company said it plans to pay a final dividend of 6.5 cents.
Analysts expected Orora to report a profit of $207 million. Therefore, it appears Orora handily beat forecasts.
“Orora has continued its year-on-year track record of delivering earnings growth, strong cash generation and disciplined capital management to report double-digit profit growth, despite flat trading conditions in key markets,” Orora’s CEO Nigel Garrard said.
Orora’s north American operations delivered a near 6% increase in operating profit thanks to an 8% increase in revenue.
Over the coming year, Orora expects to report a better financial performance than it did in 2018 but statutory results are contingent on a stable economic environment.
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