Plastic-packaging manufacturer Winpak Ltd. has posted a double-digit increase in profits for the second quarter of this year.
The Winnipeg-based firm said today that net earnings grew by 13.5 per cent to $19.4 million, or 30 cents per share, from $17.1 million, or 26 cents per share, during the same period in 2013.
The company said a number of factors contributed to the improved financial performance, including a 12.6 per cent increase in revenues for the quarter — $199.4 million versus $177.0 million — and successfully restricting operating-expense growth.
The strong second-quarter performance also helped to boost net earnings for the first six months of the year. They rose by 7.5 per cent to $35.6 million, or 55 cents per share, from $33.1 million, or 51 cents per share in the first half of 2013, the company said.
Winpak Ltd. manufactures and distributes packaging materials and related packaging machines. Its products are used primarily for the packaging of perishable foods and beverages and in health-care applications.