Brambles Profit Doubles to $1.27 Billion

SYDNEY--Brambles Ltd. (BXB.AU), the world's biggest maker of pallets used to transport everything from food to autos, said Wednesday its annual profit doubled to US$1.27 billion.

Earnings were largely boosted by the spin off in December of the company's document management business, but were also helped by improving economic conditions in major markets such as the U.S. The document management business, known as Recall Holdings Ltd. (REC.AU) is also listed on the Australian Securities Exchange.

Underlying profit, which the company says better reflects its operating performance, rose 5% to US$960 million, at the top end of the company's guidance range of between US$930 million and US$965 million.

"We delivered a solid performance in the 2014 financial year as underlying economic conditions continued to improve gradually," Tom Gorman, Brambles" chief executive, said in a statement.

The company forecast underlying profit in the current financial year to rise to between US$1.03 billion and US$1.06 billion, assuming foreign exchange rates remain steady.

Write to Ross Kelly at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires