Dublin-headquartered IPL Plastics has reported a 9% fall in revenue to US $153m for the second quarter of the year.

The company, formerly known as One51 - manufactures a range of plastic products, from food containers to wheelie-bins and is now listed on the Toronto stock exchange.

Last month it agreed to sell to Intelligent Packaging Limited, an entity controlled by Chicago-based private equity firm Madison Dearborn Partners. 

In its interim results, the company said net income at IPL was $5.3m for the second quarter of the year, down from $8.5 reported in the same period last year.

Adjusted earnings before interest, taxation, depreciation and amortisation was $26.8m in the second quarter, compared to $28.5m in the second quarter of 2019.

"Our Q2 performance improved through the quarter as the diversity of our product range and markets assisted recovery and delivered financial results ahead of market expectations. This was achieved in challenging market conditions due to widespread COVID-19 disruption, which continues to impact operations and limits visibility regarding performance for the remainder of 2020," said Alan Walsh, CEO of IPL Plastics.

"Our focus remains firmly on capitalizing on further recovery while ensuring the safety of our employees and our products and meeting changing customer demands. Cash conservation measures are in place to support liquidity and improve balance sheet strength, which will position IPL to take advantage of any market growth opportunities that may arise," he added.