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.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.