Imaflex has reported a revenue of C$24.49m ($18.05m) in the second quarter (Q2) of 2023, a decline of 23.7% from C$32.12m in the same period of the prior year.

The company said this decrease in revenue was due to lower volumes and reduced selling prices, mainly from passthrough of decline in resin costs and competitive pricing environment, partly offset by favourable year-over-year foreign exchange movements.

For the quarter, which ended on 30 June 2023, the net income stood at C$0.43m in Q2 2023, a decline of 87.2% from C$3.41m in Q2 last year.

This year-over-year decline in net income has been attributed to higher selling and administrative expenses, foreign exchange losses as well as lower 2023 gross profit.

The basic and diluted earnings per share was C$0.01, down by 85.7% from C$0.07 in Q2 2022.

The company’s earnings before interest, taxes, depreciation, and amortisation stood at C$1.68m in Q2 2023 down by 67% from C$5.12m in the previous year’s Q2.

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Gross profit for the reported quarter decreased by 38.8% to C$3.42m versus C$5.59m in Q2 2022.

The company’s year-to-date or first half (H1) net income also decreased by 75.3% to C$1.36m, compared with C$5.50m in H1 2022.

Revenue for the first six months of this year were down by 24.5% to C$47.73m from C$63.18m in H1 2022.

In H1 2023, the gross profit totalled C$6.60m, a decline of 36.3% to C$10.36m.

Imaflex CEO and president Joe Abbandonato said: “We successfully navigated another challenging quarter in a demanding operating environment.

“Sales volumes strengthened versus the first quarter of 2023 and we remain cautiously optimistic they will continue to build over the remainder of the year.

“The new extruder and metaliser at our Victoriaville facility are now fully operational and we are working hard to boost equipment utilisation levels across the business, while also heightening profitability.”