Rexam reports higher profit on beverage can sales

Wed Aug 1, 2012 2:54am EDT

Aug 1 (Reuters) - Drinks can maker Rexam Plc said profit rose slightly for the first half as sales of beverage cans offset a fall in its healthcare business.

The company, which makes about 57 billion cans a year for brands like Red Bull, PepsiCo and Carlsberg, said pretax profit from continuing operations rose to 207 million pounds ($324.33 million) for January-June from 204 million pounds a year earlier.

Sales from continuing operations at the company, which also makes medical devices like bronchial inhalers, rose 3 percent to 2.17 billion pounds.

Global beverage can volumes rose 6 percent but the company reported a slight fall in sales at its healthcare business due to a weak flu season in North America and weaker pricing of one of its devices that delivers a drug due to come off patent next year.

Results from continuing operations exclude the personal care business, which the company is selling in two parts for $709 million.

Rexam shares closed at 434.5 pence on Tuesday on the London Stock Exchange. They have gained 23 percent so far this year.

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