PACKAGING group Amcor posted a 51.5 per cent fall in profit and said a global slowdown could hurt sales in fiscal 2009.

Net profit for the year to June 30 fell to $258.8 million, down from $533.7 in the previous year, Amcor (ASX: AMC) said.

Earnings before interest and tax rose 9.4 per cent, in constant currency terms.

Amcor’s full-year revenue fell 4.9 per cent to $9.24 billion.

The packaging company highlighted a 7 per cent on-year decline to $369.1 million in net profit from ordinary activities, after tax but before significant items.

Analysts had expected net profit at Amcor to come in at $364.1 million for the reporting period, according to a survey of 10 analysts by Thomson Reuters.

The same survey forecast net income of $398.7 million in fiscal 2009.

Amcor shares lost 1.33 per cent this morning, shedding 7 cents to $5.18. The benchmark S&P/ASX 200 Index slipped 0.15 per cent.

Amcor CEO Ken MacKenzie said there was “evidence that global economies are slowing and this could impact the growth in sales”.

However, he pointed to “extensive programs” in all business units “to help ensure the momentum of the past 18 months continues into the current year”.

Mr McKenzie noted that Amcor's businesses were relatively defensive, with over 90 per cent of sales into the consumer stables sector, specifically food, beverage, tobacco packaging and healthcare.

However, price pressures were rising due to higher input costs.

“Inflationary pressures are increasing, with the impact of higher oil prices flowing through to input costs and higher cost inflation in most countries,” Mr McKenzie said.

Amcor’s profit was dented by a $32 million impact from the high Australian dollar exchange rate, which led to a 7 per cent fall in profit, before significant items, to $369.1 million.

Nevertheless, Mr MacKenzie said “the profit of $369 million was a solid result”.

About 80 per cent of Amcor's earnings are generated offshore, mostly in North America and Europe.

A strong year was recorded in Amcor’s core polyethylene, or PET global packaging business - earnings before interest and tax rose 29.3 per cent to $US198.8 million ($227.6 million).

The business benefited from higher volumes and improved operations in both North America and Latin America over fiscal 2007.

“Earnings are anticipated to improve in the current year,” Mr MacKenzie said, but “growth will be substantially lower than the 29.3 per cent achieved in 2007/08 and is dependent on the impact that a slowing US economy may have on volume growth”.

Amcor declared a final dividend of 17 cents, in line with the previous year, taking the total for fiscal 2008 to 34c.