\n<\/p>\n
Ranpak, a provider of eco-friendly packing materials and solutions, has announced a 5.5% increase in net revenue for the second quarter (Q2) of financial year 2024 (FY24), reaching $86.4m compared with the $81.9m reported in Q2 FY23.\u00a0\u00a0<\/p>\n
Ranpak attributed the increase in net revenue to a rise in void-fill products, although this was partially offset by a decrease in cushioning and other net revenues.\u00a0\u00a0<\/p>\n
Despite this revenue growth, the company experienced a loss from operation of $5.2m in Q2 FY24, against an income from operation of $4.4m in Q2 FY23.\u00a0<\/p>\n
The company\u2019s net income for the quarter stood at $5.5m, improving from a net loss of $2.1m in the same period last year.\u00a0\u00a0<\/p>\n
Its gross profit for the quarter also saw a slight increase to $31.7m, up 5% from $30.2m in the prior year\u2019s quarter.\u00a0\u00a0<\/p>\n
Ranpak chair and CEO Omar Asali said: \u201cWe are pleased to build on our momentum to start the year and deliver a solid performance in the second quarter that included growth in volumes, sales, adjusted EBITDA [earnings before interest, taxes, depreciation, and amortisation] and an increase in our cash position.\u00a0<\/p>\n
Access the most comprehensive Company Profiles
\n on the market, powered by GlobalData. Save hours of research. Gain competitive edge.<\/p>\n