08:40 AM EDT, 05/05/2025 (MT Newswires) -- Richards Packaging Income Fund (RPI-UN.TO) over the weekend reported lower first-quarter net income due to exceptional items and increases in lease and administrative costs.

The company reported net income for the three-months ended March 31 of $5.1 million or $0.36 per diluted share, compared with $8.5 million or $0.76 per diluted share, a year earlier. Revenue increased to $100.7 million in Q1 compared with $97.9 million, a year-ago.

"With a new pricing strategy and an ecommerce channel launch on the horizon this year, we look forward to the continued performance of this group," said Richards Packaging Chief Executive John Glynn.

The company said it is on track to meet ongoing requirements for working capital, capital expenditures and to sustain monthly distributions to unitholders at the current level through 2025. Richards Packaging also added that it expects the decrease in healthcare to continue into Q2 as the negative impact of the lost Parata business in pharmacy and the ongoing risk-off market sentiment is partly offset by contributions from the new acquisitions completed in the last 12 months.

Shares of the company closed up 1.5% to $28.01 on Friday on the Toronto Stock Exchange.