SYDNEY - [AAP] Logistics firm Brambles (BXB) has posted a half-year profit of $US447.2 million ($A565.65 million), more than triple the result from a year ago when it had taken a huge impairment.

The profit also included a one-off benefit of $US130.1 million due to a reduction in deferred tax liability in the US following a decrease in the federal company tax rate there from 35 to 21 per cent.

Underlying profit for the six months to December 31 was up five per cent to $US493.7 million, while sales revenue rose five per cent to $US2.75 billion, driven by volume growth in North America, Europe and Latin America pallets and ongoing expansion in its IFCO RPC businesses.

Brambles operates in more than 50 countries primarily through the CHEP and IFCO brands.

Chief executive Graham Chipchase highlighted improved volume growth in North America and continued momentum in European operations, but warned on costs.

"I was pleased to see a strengthening of the top line in North America with volume growth returning to historic levels," he said.

"We, however, continue to face structural cost challenges partly due to changes in commercial arrangements which are increasing transport and handling costs."

The company is forecasting full-year sales revenue to grow in the mid-single digits, while underlying profit growth is likely to be in excess of sales revenue growth.

BRAMBLES' HALF-YEAR PROFIT SURGES:

* Net profit $US447.2m vs $US146.2m

* Revenue up 5.0pc to $US2.75bn

* Interim dividend flat at 14.5 Australian cents

 

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