TORONTO, Aug. 1, 2024
/CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund")
announced today results for the quarter ended June 30, 2024.
"The second quarter financial performance reflects a slowing
impact from weak food and beverage packaging sales as the
oversupply of inventory continued with both customers and
suppliers. Losses in food & beverage were
largely offset by growth in capital revenue in healthcare. Profit
from operations was up on relatively flat revenue as higher margins
due to improved product mix kicked in. We completed our first tuck
under acquisition as part of our current acquisition program late
in June which largely affected the balance sheet only.
Second quarter total revenue was down 1% with a $4 million impact for
oversupply for food and beverage packaging and $1 million impact for pumps and
sprayers offset by $4 million contribution from
organic growth," commented Gerry
Glynn, Director and Trustee.
Details of the Fund's results are currently available on
Richards Packaging's website at www.richardspackaging.com and on
SEDAR+ at www.sedarplus.ca.
About Richards Packaging Income Fund
The Fund owns Richards Packaging Inc. ("Richards Packaging")
which since 1912 has served a wide customer base throughout
North America comprised of over
17,000 regional food, beverage, cosmetics, healthcare, and other
enterprises.
SOURCE Richards Packaging Inc.