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Brambles H1 Profit After Tax Down; Provides FY View; Shares Up

Brambles Ltd. (BXB.AX,BMBLF.PK) reported first half profit after tax of US$277.9 million, 13 percent lower than US$319.8 million in the same period last year. Basic EPS were 17.7 US cents versus 20.1 US cents a year ago.

Underlying profit & Operating profit rose to US$435.5 million from US$429.5 million in the prior year.

Sales revenue was US$2.4 billion, up from US$2.3 billion in the previous year.

The Board has declared an interim dividend of 9.0 US cents per share, which is payable on 9 April 2020 to shareholders on Brambles' register on 12 March 2020. The interim dividend will be paid in Australian dollars and will be 13.38 Australian cents per share, with franking of 30%.

Looking ahead to full financial year, at constant FX and including the impact of AASB 16, Brambles expects mid-single digit sales revenue growth; Underlying Profit growth in line with sales revenue growth and effective Tax Rate of approximately 30%.

Commenting on the results, Brambles' CEO, Graham Chipchase, said: "Despite a range of challenges, we delivered sales and earnings growth across all our segments and materially improved Group cash flow generation in the first half."

Shares of the logistics company Brambles closed Monday's trade at $13.14 up $0.49 or 3.87%.

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