Canadian packaging company Cascades has reported a net loss of C$20m ($14.5m) in the first quarter (Q1) of financial year 2024 (FY24), compared to a net loss of C$75m in the same period of FY23. 

For the three-month period ending 31 March 2024, the company’s sales were C$1.10bn, down from C$1.13bn in Q1 FY23.  

Despite this, the company’s operating income showed a remarkable turnaround, posting C$9m compared to an operating loss of C$80m in the prior year’s quarter. 

Cascades’ adjusted earnings before interest, taxes, depreciation, and amortisation for Q1 FY24 was C$103m, down from C$134m in Q1 2023.  

The company’s net debt as of 31 March 2024 stood at C$2.02bn, an increase from C$1.88bn as of 31 December 2023.  

On 12 April 2024, Cascades entered into a C$175m delayed draw unsecured term loan credit facility to manage upcoming maturities.  

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Its total capital expenditures, net of disposals, were C$41m in Q1 2024, compared to C$137m in Q1 2023.  

Cascades president and CEO Mario Plourde said: “First-quarter 2024 results met expectations, considering the context of elevated raw material prices, and ongoing inflationary pressure on operational costs.

“Sequentially, Tissue Papers executed well, with increased average selling prices partially offsetting the impacts from higher maintenance costs and softer seasonal volumes. 

Looking ahead, the company expects stronger consolidated second-quarter results, driven by improved performance in the Containerboard segment and stable results in the Tissue Papers and Specialty Packaging businesses. 

In February this year, Cascades announced a strategic operational realignment and optimisation of its containerboard packaging platform.