Packaging materials and machinery manufacturer Winpak has reported that its net income grew in both the second quarter (Q2) and first half (H1) of financial year 2023 (FY23).
For the six months ending 2 July 2023, net income for the company was $78.75m while net income attributable to its equity holders was $79.3m, up 17.4% compared to $67.5m in the same period in FY22.
Winpak registered revenue of $592m in H1 FY23, an increase of 1% from $586.2m in H1 FY22.
Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the period was $122.26m.
The company’s basic and diluted earnings per share (EPS) was 122 cents in H1 FY23, up 17.4% from 104 cents a year ago.
Winpak also saw its gross profit margins increase by 0.4 percentage points, representing 29.5% of its revenue over the reported period.
In Q2 FY23, the company reported net income of $40.01m, up from $34.1m in the same period last year.
Net income attributable to the company’s equity holders was $40m in Q2 FY23, an increase of 18.8% from $33.7m in Q2 FY22.
Winpak, which primarily serves perishable foods and beverage packaging within the healthcare markets, generated total revenue of $287.5m over the quarter, which is $22.8m or 7.3% less than last year’s figure of $310.25m.
Its EBITDA for the quarter was $61.62m, against $58.73m in the same period last year.
The company’s basic and diluted EPS also increased to 62 cents in Q2 FY23, against 52 cents in Q2 FY22.
Gross profit margins for the quarter were listed at 30.2% of revenue, an increase of 1.4 percentage points from 28.8% of revenue last year.
