Higher revenues, lower profits for Intertape Polymer

MONTREAL ― Intertape Polymer Group said its overall Q4 revenues rose 21.2% to $287.7 million, boosted by the acquisitions of Polyair and Airtrax. Nevertheless, net income fell to $10.6 million, or $0.19 per diluted share, from $21.1 million the previous year. The company attributed the change to foreign exchange losses and higher tax and interest charges. For the full fiscal year 2018, revenues rose 17.2% to $1.05 billion, while profits of $46.6 million were down 27% from 2017.