The company posted an operating loss of C$16m in H1 FY23. Credit: Kadarius Seegars via Unsplash.

Packaging products manufacturer Cascades has reported C$1.16bn ($868.5m) in sales in the second quarter (Q2) of financial 2023 (FY23), up from C$1.11bn in the corresponding period in FY22.

The company registered an operating income of C$64m in Q2 FY23, compared to C$32m in Q2 FY22 and its earnings per common share was C$0.22, up from C$0.10 in Q2 FY22.

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Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was C$141m in Q2 FY23.

Cascades posted an operating loss of C$16m in the first half (H1) of FY23.

The company reported C$2.30bn in sales in the period ending 30 June 2023, compared to C$2.15bn in the same period in FY22.

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Net earnings (loss) attributable to shareholders in H1 FY23 was C$53m and its basic and diluted net loss per common share was C$0.53 in H1 FY23.

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The company’s net debt widened from C$1.71bn on 30 June 2022 to C$2.07bn as of 30 June FY23.

Cascades president and CEO Mario Plourde said: “We had a solid second quarter, with consolidated sales and EBITDA levels increasing 4% and 55%, respectively, year-over-year. Results were driven by the Tissue Papers segment, which had its strongest performance since Q2 2020, reflecting benefits from commercial and operational initiatives.

“The repositioning of our Tissue Papers platform announced at the end of April 2023 progressed as planned in the second quarter, with the closures completed as scheduled in June and July. We anticipate that these decisions, combined with the ongoing productivity optimisation initiatives, which are also progressing as expected, will continue to strengthen the performance of our Tissue Papers business going forward.

“Slightly softer results in the Containerboard segment largely reflect lower index-linked selling prices, the effects of which more than offset the beneficial effect of lower raw material costs. As expected, Containerboard results include costs related to Bear Island as the facility continues to be ramped up.”