Canada NewsWire
TORONTO , Oct. 31, 2024 /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund") announced today results for the quarter ended September 30 , 2024.
"The third quarter financial performance was impacted by a $3 million decline in healthcare capital sales while the weakness in food and beverage packaging sales on the oversupply of inventory continued albeit at a slower pace of 3%. Lower capital revenue of 7% in healthcare was partially offset by 4% growth in consumables. Profit from operations was down on lower revenue as higher margins were offset by higher administration expenses.
Third quarter total revenue was down 4% with a $3 million contraction due to oversupply for food and beverage packaging and $1 million reduction in healthcare sales. Net income decreased $1 million , or 8¢ per Unit, mainly due to the $1 million loss on exchangeable shares and lower profit from operations offset by lower financial expenses." 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.c a.
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.
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