{"id":21084,"date":"2023-08-10T20:30:00","date_gmt":"2023-08-10T20:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4180731_CN80731_0"},"modified":"2023-08-10T20:30:00","modified_gmt":"2023-08-10T20:30:00","slug":"it-tech-packaging-inc-announces-second-quarter-2023-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=21084","title":{"rendered":"IT Tech Packaging, Inc. Announces Second Quarter 2023 Unaudited Financial Results"},"content":{"rendered":"
\n

BAODING, China<\/span>, Aug. 11, 2023<\/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<\/span>, today announced its unaudited financial results for the six and three months ended June 30, 2023<\/span>.<\/p>\n

Mr. Zhenyong Liu<\/span>, Chairman and Chief Executive Officer of the Company, commented, “For the first half of 2023, revenue of the Company was $49.81 million<\/span>, representing an increase of 5.37% from the same period last year, with a gross profit of $0.9 million<\/span>. For the six months ended June 30, 2023<\/span>, because of the weak domestic market demand of the paper products, the price of paper products kept falling and the average selling price of our products was significantly lower than the same period of last year. Although the Company continues to optimize the cost, the raw material inventory of the first half of 2023 was still high due to the impact of the procurement cycle, resulting in a decrease in the net profit of the current period. In the future, the Company anticipates to continue improving the profit efficiency by adjusting utilization rate of assets, developing new market channels and other ways. It is expected that the profitability of the Company will be effectively recovered in the second half of the year.”<\/p>\n

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Second Quarter 2023 Unaudited Financial Results<\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

\n

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

<\/td>\n\n

2023<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

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

\n

 Revenues<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-5.56 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-15.17 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-16.41 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-16.30 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

  Face Masks<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-49.48 %<\/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

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

<\/td>\n\n

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

<\/td>\n\n

86.09 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

3.93 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1.99 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

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

<\/td>\n\n

6.81 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4.28 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

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

<\/td>\n\n

7.14 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5.95 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

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

<\/td>\n\n

2.42 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

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

<\/td>\n\n

-206.06 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-197.95 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-8.11 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Face Masks<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-8.07 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

20.79 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-28.86pp****<\/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<\/span>\uff08<\/span>loss<\/span>\uff09<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.52<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

58.03 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

-1.25<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

-335.37 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 EBITDA<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-20.28 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

-0.12<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.03<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-300 %<\/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