{"id":23228,"date":"2023-11-09T20:44:00","date_gmt":"2023-11-09T20:44:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4264456_CN64456_0"},"modified":"2023-11-09T20:44:00","modified_gmt":"2023-11-09T20:44:00","slug":"it-tech-packaging-inc-announces-third-quarter-2023-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=23228","title":{"rendered":"IT Tech Packaging, Inc. Announces third Quarter 2023 Unaudited Financial Results"},"content":{"rendered":"\n

BAODING, China<\/span>, Nov. 10, 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 nine and three months ended September 30, 2023<\/span>.<\/p>\n

Mr. Zhenyong Liu<\/span>, Chairman and Chief Executive Officer of the Company, commented, "For the first nine months of 2023, the Company realized a total revenue of $65.58 million<\/span> with a net loss of $5.96 million<\/span>, slightly falling from the same period of last year. Looking forward, we can see opportunities and challenges coexist, and the long-term positive fundamentals remain unchanged in the uncertain business environment. We believe with the increased policy support for the private economy, the domestic demand and consumption will accelerate further and industrial economy will continue improving. We will make our efforts for a reasonable profit with measures to balance the production and sales, optimize overall products, develop new customers and increase efficiency with a decreased cost."<\/p>\n

Third Quarter 2023 Unaudited Financial Results<\/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\n

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

\n

 ($ millions)<\/i><\/span><\/p>\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

\n

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

<\/td>\n\n

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

<\/td>\n\n

-50.26 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

<\/td>\n\n

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

<\/td>\n\n

-54.14 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

<\/td>\n\n

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

<\/td>\n\n

-34.49 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

0.07<\/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

\n

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

<\/td>\n\n

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

<\/td>\n\n

-9.91 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

  Face Masks<\/span><\/p>\n<\/td>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

-73.28 %<\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

\n

(0.15)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

-105.50 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

-0.97 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

8.78 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-9.75pp***<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

7.01 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

10.91 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-3.90pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

-7.47 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

12.84 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-20.31pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

7.53 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7.53pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

-278.10 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-258.46 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-19.64pp****<\/span><\/p>\n

 <\/p>\n<\/td>\n<\/tr>\n

\n

 Face Masks<\/span><\/p>\n<\/td>\n

\n

-15.75 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

29.62 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-45.37pp****<\/span><\/p>\n<\/td>\n<\/tr>\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

\n

(2.48)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(0.59)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-323.29 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(1.98)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(1.89)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-4.67 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 EBITDA<\/span><\/p>\n<\/td>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

-30.45 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(0.20)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(0.19)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-5.26 %<\/span><\/p>\n<\/td>\n<\/tr>\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<\/tr>\n
\n

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

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

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

 <\/p>\n