The packaging company 47 per cent owned by Rich Lister Raphael Geminder expects another six months of tough conditions after suffering an 86 per cent slide in annual profits as the cost of resins used in plastic bottles and containers jumped, and freight costs climbed.

Pact Group’s contract manufacturing business, which had a spike two years ago when it rushed into hand sanitiser manufacturing in the first year of the pandemic, slumped to a $4 million loss as it battled higher costs, with the company saying it would put it back on the market for sale once a turnaround in its fortunes occurred.