Melbourne, Aug 21 - Australian packaging group Amcor Ltd reported a 7 percent fall in full-year profit on Thursday, in line with market forecasts, due to higher wastepaper, energy and freight costs, but said it expected continued growth in operating earnings.
While it mostly supplies packaging for staple products like food, Amcor warned it was not immune to softer global growth.
"There is evidence, however, that global economies are slowing and this could impact the growth in sales," Chief Executive Ken MacKenzie said in a statement.
Following a year of 29 percent earnings growth in its plastic bottles business, Amcor said it expected further gains in the year ahead, despite rising resin costs.
Net profit fell to A$369.1 million ($321.0 million) for the year to June from A$397 million a year earlier, compared with analysts' forecasts around A$362.6 million.
Sales fell 14 percent to A$10.9 billion.
Amcor last year completed a three-year plan to close, fix or sell underperforming businesses, raising A$1.25 billion, including the sale of its European plastic bottles business.
With a new tobacco packaging plant running in Ukraine and new presses in Russia and Poland, Amcor said it expected its flexible packaging business to sharply improve earnings in the year ahead.
Amcor's shares have fallen 20 percent so far this year, roughly in line with the broader market <.AXJO>. ($1=A$1.15)