S.Africa's Nampak barely grows H1 profit

June 10 [Mon], 2013, 17:13
JOHANNESBURG (Reuters) - South Africa's Nampak Ltd barely grew first-half profit on Tuesday after Africa's biggest packaging company cut prices to secure long-term contracts in its home market.

Nampak, which also makes plastic milk bottles in Britain and Ireland, said diluted headline earnings per share totalled 103.6 cents in the six months to end-March compared with 102.3 cents a year earlier. Headline EPS is South Africa's widely watched profit gauge that strips out certain one-off items.

Shares in Nampak fell 6.7 percent to 34.70 rand by 1312 GMT, on course for their biggest daily percentage decline in more than five years.

The company said it agreed to cut selling prices for its metals and glass products to secure long-term contracts in South Africa, hitting its operating profit and margins.

But a strong showing in the rest of continent and favourable currency swings softened the blows, it said.

Nampak also said chief executive Andrew Marshall would retire in March next year after five years at the helm that saw accelerated expansion into rest of africa and the sale or closure of several under-performing assets.



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