Imaflex Inc (TSE:IFX) has released an update.
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Imaflex Inc. faced a challenging fiscal year in 2023, with annual revenues declining by 16.1% to $93.6 million and net income plummeting by 94.4% to only $0.5 million, highlighting industry-wide pressures such as raw material price volatility and environmental concerns. Despite a 5.6% revenue increase in Q4, the company reported a net loss of $1.0 million for the quarter, largely due to a one-time write-off of obsolete equipment. Nonetheless, with $13 million invested in new equipment and a strong balance sheet, Imaflex is poised for future growth.
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