IPL Plastics earnings rise, but revenues fall

IPL Plastics, which operates a manufacturing facility in Cork, is understood to be open to making further acquisitions after completing a large purchase to boost its European business earlier this year.

The Canadian-listed maker of consumer and industrial plastic products grew out of Irish renewable energy and recyling investor One 51 and still has its headquarters in Dublin, as well as part of its manufacturing based in Cork.

The company said its second-quarter earnings grew by 25.1% to $28.5m (€25.6m), but revenues fell 5.4% to $168.6m.

Around 75% of IPL's group revenues have been generated in North America. However, earlier this year IPL boosted its European operations with the €75m takeover of Belgian plastics company Loomans.

"Our focus remains on operational improvement initiatives, generating strong and growing cash flows from operations and on reducing our net debt to adjusted EBITDA ratio by the end of the year," said IPL chief executive Alan Walsh.