Canada-based packaging company Cascades has reported a 4% increase in sales, totalling C$4.63bn ($3.43bn) in the financial year 2023 (FY 2023), up from C$4.46bn in FY 2022.
It also posted a net loss of C$76m for 2023, marking a significant increase of 123.5% from the C$34m loss reported in 2022.
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The company’s net loss per common share was C$0.76 in 2023 compared to C$0.34 in 2022.
Cascades’ operating income saw a modest rise to C$40m, compared with C$33m in the prior year.
Its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged to C$558m in FY 2023, from C$376m in FY 2022.
The company’s net debt decreased to C$1.88bn as of 31 December 2023, compared with C$1.96bn at the end of 2022.
In the fourth quarter (Q4) ending 31 December 2023, Cascades reported a net loss of C$57m, compared with a C$27m loss in the same period of the previous year.
Net loss per common share for the quarter was C$0.57, and its operating loss was C$24m, slightly higher than the C$20m operating loss in Q4 2022.
Cascades’ sales remained relatively stable at C$1.13bn in Q4 FY23, and its adjusted EBITDA increased to C$122m during the quarter from C$116m in Q4 FY 2022.
Cascades president and CEO Mario Plourde said: “We are pleased with our strong annual performance in 2023, with our operations generating a 4% increase in sales and a 48% increase in EBITDA levels compared to the prior year.
“Our Tissue Papers segment drove these stronger results, generating C$182m of EBITDA in 2023, a significant improvement from last year that reflects the hard work done over the past two years.”
The company forecasts its results to decrease significantly in Q1 2024, driven by lower-than-expected results in its Containerboard segment.
Last week, the company announced the strategic operational realignment and optimisation of its containerboard packaging platform.
