Dublin-headquartered IPL Plastics has reported a 32.7% jump in earnings for the third quarter as its revenues dipped 6%.

IPL Plastics said its net earnings rose to $27.2m with the increase due to lower resin input costs, operational improvements and the contribution from Loomans, the Belgian plastics manufacturer it bought last March.

The company said its net income for the quarter increased by 54% to $7.4m, driven by an improved operating performance. 

But revenues for the three months to the end of September decreased by 6.3% to $158.5m on the back of the negative foreign-exchange impact of the strengthening US dollar. 

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

It said its net debt as of September 30 declined to $319.5m from $342.9m at the end of June.

Alan Walsh, CEO of IPL Plastics, said the company continues to expect to deliver a solid improvement in its trading performance in this financial year.

He said the company aims to grow cash flows from operations and further reduce its net debts, adding that revenue growth is expected to recover in 2020, underpinned by recent new contract wins and benefits from recent investments.