Local plastic packaging manufacturer Winpak Ltd. has reported record revenues and a nearly eight-per-cent increase in profit for the second quarter of this year.
The Winnipeg-based firm said revenues for the three-month period that ended June 30 hit $177 million. That was up $17.4 million, or 10.9 per cent higher than 2012’s Q2 total of $159.7 million.
The surge in sales drove up net earnings for the quarter by 7.9 per cent to $17.1 million, or 26 cents per share, from $15.9 million, or 25 cents per share, a year earlier.
The company attributed the strong revenue growth to a surge in sales of rigid containers, plastic lidding, and packaging machines.
It said a jump in sales, along with higher gross profit margins, were the main reasons for the improvement in net earnings.
Winpak operates nine production plants in Canada and the United States, including two in Winnipeg. It manufactures and distributes machines and materials used primarily for the packaging of perishable foods and beverages, and in health-care applications.