Winnipeg Free Press - ONLINE EDITION
Winpak posts record profit
WINNIPEG — Plastic packaging manufacturer Winpak Ltd. has posted its best quarterly financial results in its history in the first quarter of this year.
The Winnipeg-based firm, which is holding its annual shareholders meeting today in Toronto, said it rang up a profit of $12.3 million, or 19 cents a share, during the first three months of this year.
Not only was that a 26.8 per cent improvement over last year’s first-quarter net earnings of $9.7 million, but also the highest quarterly profit since the company was founded in 1977.
It was also the fifth consecutive quarter of record net earnings for the firm, which owns and operates nine production plants in Canada and the United States.
Winpak attributed the strong results to a combination of higher sales — up 10.8 per cent to $132.9 million — improved manufacturing performance, reduced operating expenses and a lower federal corporate income tax rate.
murray.mcneill@freepress.mb.ca
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