Orora chief executive Nigel Garrard labelled the result positive, despite challenging conditions.
“The positive result underlines the value of Orara’s portfolio of businesses, serving established market segments and spread across geographies in Australasia and North America, with solid profit growth in Australasia helping to offset lower earnings from North America.”
“Orara has been proactive in responding to the challenging market conditions by completing a group wide restructuring initiative which resulted in recording a significant item expense after tax of $20.8 million.”
Thursday’s result was the last results presentation Mr Garrard will make as chief executive of Orara, with Brian Lowe set to takeover on September 30.
Mr Lowe is the head of the fibre packaging business at Orora.