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Brambles half-year profit surges on 1-time tax benefit

Brambles Ltd.'s attributable profit increased 198% to $447.2 million for the six months ended Dec. 31, 2017, compared with $146.2 million a year earlier.

The profit jump was driven by an increase in operating profit after significant items and a one-time benefit to income tax expense of $130.1 million from a reduction in tax rate from the passage of the Tax Cuts and Jobs Act in the U.S.

Earnings per share rose to 28 cents from 9.2 cents in the year-ago period.

Sales revenues increased 9% to $2.75 billion from $2.52 billion previously. Operating profit after tax was $449.9 million, a significant jump from $164.1 million in the prior half-year period.

The company recently sold its unit CHEP Recycled for $115 million. The related cash inflow will be reflected in the second half of 2018.