Business

Editor: Bruce Meng
25 Nov 2008 04:42:28 GMT

MELBOURNE, Nov 25 – Australia’s Brambles Ltd <BXB.AX>, the world’s top pallet supplier, recorded a 4 percent rise in sales in the first four months of its 2009 fiscal year, the company said ahead of its annual shareholders meeting.

Brambles said on Tuesday its comparable operating profit in fiscal 2009 would be in-line with last year.

The company, whose wooden CHEP trays are used by consumer goods companies worldwide to carry merchandise to stores, got a boost last month when it reached a long-awaited agreement with U.S. retail giant Wal-Mart <WMT.N> to handle pallets it receives.

Although its shares hit a four-year low last week, they have outperformed the broader market this year as the company is poised to benefit from the sharp fall in the Australian dollar, with 90 percent of its earnings coming from offshore.

The shares were up 2.2 percent in early Tuesday trade, lagging the 4.5 percent rise in the benchmark S&P/ASX 200 index <.AXJO>. ($1=A$1.53)