IPL Plastics has reported higher earnings for the three months to March and said its overall revenues were not significantly adversely impacted by Covid-19 as the spread of the virus was only in its early stages in Europe and North America.
The firm - formerly known as One51 - manufactures a range of plastic products, from food containers to wheelie-bins.
IPL said its quarterly earnings increased by 10.4% to $19.1m on the back of improved margins across the group. But revenues decreased by 0.5% to $141.1m compared to the same time last year.
The company said its overall group adjusted EBITDA margins improved from 12.2% in the first quarter of 2019 to 13.5% in the first quarter of 2020, with improvements in each of the divisions.
Consumer Packaging Solutions (CPS) margins improved from 16.9% to 19%, while margins at its Large Format Packaging and Environmental Solutions (LF&E) rose to 15.2% from 14.6% and margins in Returnable Packaging Solutions (RPS) improved to 7.3% from 5.7%.
"Like most other businesses, Covid-19 has forced IPL to face unprecedented challenges, with the safety of our 2,000 employees being at all times our top priority," the company's chief executive Alan Walsh said.
Alan Walsh said the company has had to adapt and has implemented a range of measures that allowed it to keep each of its 14 facilities around the world operational.
"The diversity of our product range, and end markets served, has acted as a natural hedge against a more significant fall-off in demand experienced by many businesses as a result of the impact of Covid-19 and associated containment measures," Mr Walsh said.
"Although the nature of this crisis means that future market conditions are far from certain, IPL remains well positioned to take advantage of any end-market growth opportunities which may arise," he added.
IPL Plastics also said its chief financial officer Pat Dalton is leaving the company and resigning from the Board of Directors to pursue other business opportunities.
The company said a search for Mr Dalton's replacement is underway and until one is found, CEO Alan Walsh will oversee the company's financial responsibilities.
