Unfortunately for its shareholders the Pact Group Holdings Ltd's (ASX: PGH) share price has been amongst the worst performers on the market today.
In late trade the packaging company's shares are down 5% to $5.51.
Why are its shares sinking lower?
This morning Pact released its preliminarily full-year results which revealed a 6.2% increase in net profit to $90.3 million.
According to the release, during the last 12 months demand for rigid packaging has been subdued and competitive risks in some sectors have increased.
While management expects demand conditions across some sectors in which the company operates to remain subdued in FY 2018, it remains confident that it is in a position to achieve higher revenue and earnings before significant items.
But judging by the share price decline today, not everyone is convinced that FY 2018 will be much better than FY 2017.
