Cascades Boxboard Group, the Canadian paper and packaging provider, has reported increased sales and earnings.
The Group attained net sales of CAD$242 million (€157m) for the second quarter ended June 30, 2002, compared to $219 million for the corresponding quarter of 2001. For the six-month period ended June 30, 2002, the company recorded net sales of $478 million, compared to $432 million for the corresponding period of 2001.
This 10 per cent net sales increase is due to strong boxboard shipments in both North America and Europe, the addition of a folding carton plant in Quebec acquired from a sister company in January 2002 and the proportionate consolidation since January 2, 2002 of the company's interest in Metro Waste Paper Recovery.
Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $24 million for the second quarter, compared to $21 million for the corresponding quarter of 2001 and $24 million for the first quarter of 2002.
Net earnings for the quarter were $8.5 million compared with restated net earnings of $5.1 million for the corresponding quarter in 2001.
Cascades Boxboard Group is a 100 per cent subsidiary of Cascades, a leader in the manufacturing of packaging products, tissue paper and specialised fine papers. Cascades Boxboard Group is a leading manufacturer and converter of coated boxboard for folding cartons and micro- flute packaging in North America and in Europe.