TORONTO, Nov. 1, 2023
/CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the
"Fund") announced today results for the quarter ended
September 30,
2023.
"The third quarter financial performance was consistent with the
first and second 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 by a further
$8 million which was deployed to pay
down debt.
Third quarter total revenue was down 7% due to organic
contraction and the oversupply of food and beverage packaging
offset by growth for healthcare and pumps and sprayers.
October revenue was down approximately the same rate as the
third quarter due to 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