Printing and packaging company TC Transcontinental has reported that its net earnings attributable to shareholders dropped by 39.2% to C$85.8m ($63.1m) in financial year 2023 (FY23), compared with C$141.2m in FY22.

The decrease is driven by asset impairment charges, growth in restructuring, and other costs, as well as depreciation and amortisation.

Its earnings per share (EPS) attributable to shareholders in FY23 declined to C$0.99 from C$1.63 last year and operating earnings dropped 24.2% in FY23.

During the year ending 29 October 2023, revenues of TC were C$2.94bn, down by 0.5% from C$2.95bn in FY22.

The company’s operating earnings before depreciation and amortisation also decreased by 11.0% to C$399.6m in FY23, compared with C$449.2m a year ago.

In the fourth quarter (Q4) of FY23, net earnings attributable to shareholders of TC was C$41.7m, down from C$60.4m in the same period a year ago.

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The company’s EPS attributable to shareholders was C$0.48 in Q4 FY23 against C$0.70 in Q4 FY22.

Its operating earnings before depreciation and amortisation also declined by 15.4% to C$123.2m over the quarter, compared to C$145.7m in the corresponding period last year.

TC delivered total revenues of C$779.7m in Q4 FY23, down by 2.8% from C$802.2m in the prior year period.

TC president and CEO Thomas Morin said: “We successfully increased our adjusted operating earnings before depreciation and amortisation in the fourth quarter, despite lower revenues.

“In spite of an uncertain outlook, we expect to further grow the sector’s operating earnings in the new fiscal year by continuing to focus on our priorities aimed at improving our financial performance.”

In November, 2023, the company announced its decision to shut down its Tomah packaging plant in Wisconsin, US.