Amcor Ltd says it remains keen for acquisitions but cannot offer specific annual earning guidance because of uncertainty about the deteriorating global economy.
Lower consumer spending helped shave almost 30 per cent from the global packaging giant's half year net profit.
Its net profit for the six months to December 31 was $108.5 million, down from $154 million in the same period last year.
Included in net profit was $58.9 million in restructure and asset impairment costs.
Investors reacted negatively to the news, sending Amcor shares down 34 cents, or 6.67 per cent, to close at $4.76.
The company said on Tuesday it was still talking with miner Rio Tinto Ltd over the partial acquisition of Rio's Alcan packaging business, although chief executive Ken McKenzie hinted the purchase may not go ahead.
"It is uncertain at this point if we will be successful in purchasing any of the Alcan packaging assets, and any decisions relating to funding will be made once we know what assets, if any, we're purchasing," he told analysts.
Amcor was "keeping its eyes open" for other growth opportunities, he added.
"In the current environment there are a number of quality businesses now emerging for sale," Mr McKenzie said.
"Many of them are from distressed conglomerates, or private equity companies, or private individuals."
Amcor's PET packaging business posted a nine per cent drop in volumes in the six months to December 31 as consumers reduced their grocery spending during the global economic slowdown.
Its Australasian business also contracted, with a 38.4 per cent fall in first half profit due mainly to higher taxes on ready-to-drink (RTD) alcoholic beverages in Australia.
"This has had a substantial impact on volumes in that important category," Mr MacKenzie said.
RTD alcoholic beverages typically make up one-fifth of the division's total beverages sales, and they were down 35 per cent in the half due to the increased taxes, Amcor said.
Amcor Sunclipse, which produces and distributes packaging in the US and Mexico, had substantially lower earnings in the second quarter due to the weakening of the North American economy.
Amcor's health, food and tobacco packaging businesses was stable through the downturn, it said.
Mr McKenzie said the company was unable to provide specific profit guidance in the current economic environment.
"It is not sensible to give specific guidance during the current uncertainty in so many markets," Mr McKenzie said.
"However we do have a number of positive impacts in the second half."
Depreciation of the Australian dollar increased Amcor's net profit by $14 million in the first half, and the company sees potential benefits of $50 million in the second half.
Amcor said a fall of raw material costs in the second quarter had been "both substantial and rapid" and expects that to remain the case for the second half.
Amcor declared an interim dividend of 17 cents, steady with previous dividends.
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