Brambles Ltd Statutory operating profit down in 1H 2017

Statutory operating profit down in 1H 2017: Brambles Ltd (ASX: BXB) stock fell over 9.89% on February 20, 2017 as BXB reported for a 26% fall in the 1H 2017 statutory operating profit at constant currency, due to the significant items of US$138.5 million. This included a US$120 million non-cash impairment of the group’s investment in the Hoover Ferguson Group (HFG) joint venture. Excluding the impact of the HFG impairment, the operating profit has increased 1%. Moreover, the sales revenue grew 5% at constant currency, due to the solid growth with new and existing customers in Pallets Europe and Pallets Latin America, continued expansion in RPCs and Containers, and modest growth in Pallets North America. The Underlying Profit grew 3% on a constant currency basis, due to the strong profit growth in both RPCs and Containers, with an impact of the profit decline in Pallets North America. The Pallets North America performance was impacted by the lower sales revenue growth and direct cost challenges. Additionally, BXB has revised the FY17 guidance at constant-currency. The sales revenue growth is expected to be in line with 1H17, the Underlying Profit is expected to be flat over FY16, and the FY17 growth capex is expected to be approximately US$350 million. The company has withdrawn the FY 19 targets.      

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