Lee & Man Paper improved net profit by 28 per cent
(Hong Kong, August 30, 2016) One of the leading paper manufacturers in China, Lee & Man Paper Manufacturing Limited announced its interim results for the six months ended 30 June 2016. During the period under review, the Group recorded a total sales volume of 2.67 million tons, total revenue of HK$8.37 billion ($1 billion), interim net profit of HK$1.43 billion ($184 million), and net profit per ton of HK$536 ($69), achieving a notable increase in overall profitability.
Earnings per share for the period were HK31.36 cents as compared to HK24.03 cents for the corresponding period last year.
Dr. Raymond Lee, Chairman of Lee & Man Paper, said: “The demand for packaging paper in China is expected to grow steadily in the long run. Although paper consumption per capita in China has been increasing year after year, it is still way behind that of developed countries. Hence, it is obvious that the market still has plenty of room to develop in the future. Latest trends like e-commerce and online shopping have not only completely changed the market and consumption mode, but have also brought boundless business opportunities to the packaging industry.
“To address the overcapacity problem and environmental issues of the paper industry, the PRC Government has stepped up ousting obsolete production capacities to gradually correct the excessive supply situation, and that has boosted the bargaining power of industry players. The Group is confident about the outlook of the paper industry.”
Lee & Man Paper Manufacturing Limited is one of the leading paper manufacturers in China, specializing in the production of a range of linerboard and corrugating medium used to produce cardboard boxes for packaging purposes. (Source: press release)
Caption: Lee & Man’s to be constructed pulp plant in HauGiang, Vietnam (Courtesy: Lee & Man)