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Winpak sees Q3 bump in profits
Plastic-packaging manufacturer Winpak Ltd. has reported an 18.5-per-cent increase in profit for the third quarter of this year.
The Winnipeg-based firm, which has nine production plants in Canada and the United States, said today it had net earnings attributable to shareholders of $17.1 million, or 26 cents per share, for the quarter. That compared with earnings of $14.5 million, or 22 cents per share, for the same period in 2011.
The increase in earnings was achieved in spite of a $5.3-million, or 3.1 per cent, drop in revenue for the quarter — $165.4 million versus $170.7 million. It said a combination of factors contributed to the stronger bottom line, including better gross profit margins, a lower income tax rate, and a favourable foreign exchange rate.
Winpak manufactures and distributes machines and plastic materials for the packaging of perishable foods, beverages, and in health care applications.
murray.mcneill@freepress.mb.ca
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