{"id":10904,"date":"2022-08-09T20:30:00","date_gmt":"2022-08-09T20:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3839880_CN39880_0"},"modified":"2022-08-09T20:30:00","modified_gmt":"2022-08-09T20:30:00","slug":"it-tech-packaging-inc-announces-second-quarter-2022-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=10904","title":{"rendered":"IT Tech Packaging, Inc. Announces Second Quarter 2022 Unaudited Financial Results"},"content":{"rendered":"
\n

BAODING, China<\/span><\/span>, Aug. 10, 2022<\/span><\/span> \/PRNewswire\/ — IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the six and three months ended June 30, 2022.<\/p>\n

Mr. Zhenyong Liu<\/span>, Chairman and Chief Executive Officer of the Company, commented, “Despite the negative impact associated with the resurgence of COVID-19 pandemic to our business during the second quarter of 2022, we strived to provide high-quality products to our customers. As business activities gradually return to normal, we expect to take the necessary steps to strengthen our business resilience and improve our competitive advantages to prepare for growth opportunities ahead. With our dedicated team’s effort and our long-term strategy of exploring growth opportunities in the industry, we remain confident about our business fundamentals and potential to grow. Despite the challenging environment, we anticipate to continue to execute our strategic initiatives, expand our business, and improve operating efficiency. In addition, we remain focused on improving our products to meet the evolving demands of our customers and strengthen our relationship with customers. Looking ahead to the remainder of 2022 and beyond, we believe we are well positioned to achieve our growth goals and create long-term values for shareholders.”<\/p>\n

Second Quarter 2022 Unaudited Financial Results<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n\n

For the Three Months Ended June 30,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 ($ millions)<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

% Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Revenues<\/span><\/p>\n<\/td>\n

<\/td>\n\n

31.79<\/span><\/p>\n<\/td>\n

<\/td>\n\n

46.53<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-31.7 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Regular Corrugating Medium Paper (“CMP”)*<\/span><\/p>\n<\/td>\n

<\/td>\n\n

25.85<\/span><\/p>\n<\/td>\n

<\/td>\n\n

30.25<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-14.5 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Light-Weight CMP**<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5.44<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6.56<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-17.1 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Offset Printing Paper<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7.18<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-100.0 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Tissue Paper Products<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.41<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2.43<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-83.1 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

  Face Masks<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.09<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.11<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-19.6 %<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

 Gross profit<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.63<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3.03<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-79.1 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Gross profit (loss) margin<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2.0 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6.5 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-4.5 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Regular Corrugating Medium Paper (“CMP”)*<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4.3 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5.1 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.8 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Light-Weight CMP**<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6.0 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6.7 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.7 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Offset Printing Paper<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

17.7 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-17.7 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Tissue Paper Products***<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-198.0 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-9.6 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-188.4 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Face Masks<\/span><\/p>\n<\/td>\n

<\/td>\n\n

20.8 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

10.0 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

10.8 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

 Operating income (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-1.24<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.43<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-386.9 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Net loss<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.29<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.45<\/span><\/p>\n<\/td>\n

<\/td>\n\n

36.5 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 EBITDA<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3.55<\/span><\/p>\n<\/td>\n

<\/td>\n\n

9.03<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-60.7 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Basic and Diluted loss per share<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.003<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.01<\/span><\/p>\n<\/td>\n

<\/td>\n\n

70.1 %<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

 * Products from PM6<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

 ** Products from PM1<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

 *** Products from PM8 and PM9<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

 **** pp represents percentage points<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n