VIENNA Aug 20 Acquisitions increased sales but
weighed on the operating margin and first-half profit of
packaging group Constantia Flexibles, a rare candidate for an
Austrian stock market listing.
Majority owned by JP Morgan's One Equity Partners,
it makes packaging and labels for the food, beverage and drugs
Takeovers in India and Mexico as part of a push into
emerging markets helped it boost sales by a fifth to 803 million
euros ($1.07 billion).
But net profit fell by a third to 21 million euros and its
operating margin slipped a 0.6 percentage point to 7.7 percent
as it digested the acquisitions.
Chief Executive Thomas Unger declined on a conference call
to comment on prospects for an initial public offering (IPO).
Sources close to the situation told Reuters this month that
Constantia Flexibles has hired banks for an IPO that could take
place as early as this year.
Constantia Flexibles says it is the number two packaging
group in Europe and number four in the world behind Australia's
Amcor and U.S. groups Bemis and Sealed Air Corp
The Vienna Stock Exchange has hosted just one sizeable
market debut since the financial crisis, the 411 million euro
IPO of aluminium group AMAG in April 2011.
($1 = 0.7490 euros)
(Reporting by Michael Shields; Editing by Louise Heavens)