The Scottish papermakers operating profit before exceptional restructuring charges took account of losses of 1.1m in its Graphic Papers set-up.
Group sales, including discontinued operations, were 47m, compared with 54.2m a year ago. Pre-tax losses rose almost 300% from 3.2m to 12m.
Executive chairman Ken Minton said: Inveresk has emerged stronger and leaner with three sound speciality paper businesses. The group expected to improve performance in the second half of the year, he added.
However, the firm spent large sums of money on restructuring, which caused the breach in covenants. It closed the Kilbagie Mill in February and its Westfield label mill in May.
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