Packaging company CCL's Q2 profits up

Toronto-based CCL Industries Inc reported a huge increase in net profits for the second quarter as the packaging company booked a big gain from the sale of its North American custom manufacturing business for $273-million which was completed May 17th.

Quarterly sales rose 20.7 per cent to $280.1 million from $232 million for Toronto-based CCL Industries Inc who manufactures specialty aluminum containers, plastic tubes and closures and product labels producers of cosmetics, deodorants, cleaning products and other consumer brands.

CCL Industries Inc earned $113.8 million or $3.53 a Class B share for the quarter that ended June 30 2005 compared to a profit of $11.9 million or 37 cents a share for the same 2004 period.

Chief executive Donald Lang said in a release: "We are very pleased with the performance of our specialty packaging business across all divisions".