UK-based Rexam reports 4% dip in 2009 operating profits

17 February 2010 09:31  [Source: ICIS news]

SINGAPORE (ICIS news)--UK-based packaging manufacturer Rexam has reported slightly above 4% year-on-year decrease in its operating profit to £446m ($708m) for the full year in 2009, partly due to a fall in (organic) sales, the company said on Wednesday.

Reported sales across all its businesses in 2009 were £4.87bn, a 5% increase from total sales in the previous year, due to favourable foreign exchange rates, the company said.

However, organic sales were down 7% mainly due to the impact of lower volumes, especially in its Plastic Packaging division as well as parts of Beverage Can Europe, it said.

"We expect business conditions in a number of our operations to remain tough," Graham Chipchase, Rexam’s chief executive, said.

"We believe that the trading environment will remain challenging throughout the year… overall we expect our performance to improve in 2010," he added.

($1 = £0.63)

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By: Nurluqman Suratman

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