Richards Packaging Income Fund Announces Second Quarter 2022 Results

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TORONTO, July 27, 2022 /CNW/ – Richards Packaging Income Fund (TSX: RPI.UN) (the “Fund”) today announced its results for the quarter ended June 30, 2022.

“The upside surprise in May and June revenue reflects significant growth in aesthetics as clinics reopened and pent-up demand ahead of the summer holiday season took hold. However, the future s he less rosy announcement as we are facing two headwinds. Firstly, our competitors’ purchases in the pump and sprayer market have created an oversupply that will drive down our sales by 6% for the next few quarters and secondly, rates Higher interest rates and a recession will undermine our healthcare equipment sales which represent 9% of our total revenues.

Second quarter revenue increased 6%, driven by strong growth in healthcare at 17%, food, beverage and other at 5% and 1% due to a currency translation with the US dollar /Cdn. 78¢ partially offset by a 16% reduction in cosmetics in part due to the unraveling of the impact of the coronavirus. Net profit increased $10 millionWhere $1.19 per unit, without the need to make a contingent consideration adjustment for the acquisition of Clarion.

July sales are expected to be down approximately 10% due to oversupply in the cosmetics market offset by a 2¢ weakening Canadian dollar against the US dollar/Cdn. 78¢.” commented Gerry Glynadministrator and trustee.

Details of the Fund’s results are currently available on the Richards Packaging website at www.richardspackaging.com and on SEDAR at www.sedar.com.

About Richards Packaging Income Fund

The Fund owns Richards Packaging Inc. (“Richards Packaging”) which, since 1912, has served a broad customer base through North America made up of approximately 18,000 regional food, beverage, cosmetics, healthcare and other companies.

SOURCE Richards Packaging Income Fund

For further information: Enzio Di Gennaro, Chief Financial Officer, Richards Packaging Inc., (905) 670-7760, [email protected]

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