IPL Plastics has reported a $8.5m profit in the second quarter, recovering from the loss recorded in the same period of 2018.

The Dublin and Toronto-based company's net income rose by $11.1m compared to a year ago, despite revenue falling 5.4% to $168.6m.

The company said this was due to an improved performance, as well as reduced one-off costs.

IPL last year incurred costs relating to its flotation on the Toronto Stock Exchange, while it also refinanced some of its debt.

The firm - formerly known as One51 - manufactures a range of plastic products, from food containers to wheelie-bins.

It said its lower revenue in the second quarter was largely due to negative foreign exchange movements, as the US dollar strengthened particularly against British sterling.

"We made excellent progress in rebuilding margins during the second quarter, allowing us to deliver very strong earnings growth across the group," said Alan Walsh, CEO of IPL Plastics. 

"We expect that given the progress we have made year to date, as well as the underlying robustness of our
business, we will deliver a solid improvement in the Group's trading performance for the full year."