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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brambles Limited | ASX:BXB | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.18 | 1.27% | 14.34 | 14.26 | 14.29 | 14.44 | 14.20 | 14.23 | 3,517,365 | 07:16:21 |
SYDNEY--Brambles Ltd. (BXB.AU) reported a sharp rise in half-year profits on Wednesday, helped by a US$663.7 million gain on the demerger of its document storage and destruction business Recall Holdings Ltd. (REC.AU).
Brambles--the world's biggest supplier of wooden pallets, used to transport goods ranging from autos to fruit--said its net profit for the six months through December totaled US$959 million, up from US$303 million a year earlier.
Underlying profits, which strip out the gain on the Recall demerger, rose 10% on the year to US$458 million in the six-month period.
Sydney-based Brambles listed Recall in December after failing to sell the business in 2012 amid Europe's debt crisis. Recall shares have risen just 1.1% since their debut on the Australian Securities Exchange, reflecting investor concerns that new technologies such as cloud computing are threatening the traditional document storage and destruction business.
Brambles proposed an interim dividend of 13.5 Australian cents (US$0.12) a share.
"We continue to expect underlying profit for the 2014 financial year to be within the previous guidance range of US$930 million to US$965 million," Brambles Chief Executive Tom Gorman said in a statement.
The company also said it planned to strip US$100 million in costs out of the business over the five fiscal years through 2009.
-Write to David Winning at david.winning@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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