October 08, 2008

Greif Q3 profit surges by 27% YoY

Industrial packaging maker Greif Inc has announced that it’s fiscal third quarter profit rose 27% on stronger sales of industrial packaging and services sales.

For the quarter ended July 31st 2007 Greif earned USD 48.8 million as compared with USD 38.3 million for the same quarter in 2006. Excluding restructuring charges and timberland gains, it posted an adjusted profit of USD 53.2 million as compared with an adjusted USD 42.8 million for the year ago quarter.

Its revenue rose by 27% YoY to USD 874.2 million from USD 690.5 million in the 2006 period.

Greif credited the sales increase to higher industrial packaging and services sales, which were driven by generally higher volumes, especially steel and plastic drums.