08:14 AM EDT, 04/26/2024 (MT Newswires) -- Imaflex ( IFLXF ) on Friday reported that it swung to a net loss in the fourth quarter of 2023 due to a write-off of nearly $1 million.

Imaflex ( IFLXF ) reported a net loss of $1 million, or $0.02 per share, for the three months ending Dec. 31 compared with profit of $500,000, or $0.01 per share, in the same quarter of 2022.

The company, which manufactures plastic films and bags, said the decline was driven by a $962,000 write-off on obsolete production equipment as well as movements in foreign exchange.

Imaflex's ( IFLXF ) revenue increased 5.6% to $23 million and EBITDA slumped 69% to $658,000.

"Resin price fluctuations, lagging demand growth and intense price competition impacted sales and profits across the flexible packaging industry," President and CEO Joe Abbandonato said. "While our short-term performance was impacted by these headwinds, I am proud of the resilience and commitment our team demonstrated throughout the year as we continued to lay the groundwork for sustainable growth."

For 2024, the company said it expects to improve its profits although the pace and magnitude remain uncertain.

The company's shares rose 1.3% yesterday to $0.79.