TORONTO, Aug. 2, 2023
/CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the
"Fund") announced today results for the quarter ended
June 30,
2023.
"The second quarter financial performance was in line with the
first quarter and the trend set in the back half of 2022 driven
mainly by weak food and beverage packaging sales as the oversupply
of inventory continued with both customers and suppliers. Working
capital was reduced $9 million which
was deployed to pay down debt.
Second quarter total revenue was down 9% with a $4 million impact for organic contraction,
$4 million for oversupply in food and
beverage packaging and $1 million
impact for pumps and sprayers.
July revenue was down approximately 11% due to a reduction in
healthcare capital sales and continued pressure on food and
beverage revenue," 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
approximately 17,000 regional food, beverage, cosmetics,
healthcare, and other enterprises.
SOURCE Richards Packaging Income Fund