Intertape Polymer profits sag in Q2

MONTREAL — Intertape Polymer said its Q2 revenues increased by 18.7% to $295.6 million, largely due to its Polyair, Maiweave and Airtrax acquisitions. Net earnings decreased by $8.5 million to $6.6 million. The decline was attributed to higher expenses, factory closures, restructuring and other related charges, interest and income tax expenses mainly driven. An increase in gross profit mitigated against those factors. Adjusted net earnings decreased $1.2 million to $14.6 million as a result of higher finance costs.