{"id":25921,"date":"2024-03-27T20:30:00","date_gmt":"2024-03-27T20:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4372035_CN72035_0"},"modified":"2024-03-27T20:30:00","modified_gmt":"2024-03-27T20:30:00","slug":"it-tech-packaging-inc-announces-fourth-quarter-and-fiscal-year-2023-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=25921","title":{"rendered":"IT Tech Packaging, Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results"},"content":{"rendered":"\n

BAODING, China<\/span><\/span>, March 28, 2024<\/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 fourth quarter and audited financial results for the fiscal year ended December 31, 2023.<\/p>\n

Mr. Zhenyong Liu<\/span>, Chairman and Chief Executive Officer of the Company, commented, " In 2023, the company achieved a revenue of $86.55 million<\/span> and a gross profit of $1.00 million<\/span>. The overall performance improved due to slightly increased sales volume. Considering current conditions, including supportive policies and the implementation of plastic-restriction-orders,  we expect a rise in domestic demand for packaging paper. In the long run, we will focus on acquiring new customers, reducing costs and improving efficiency and ensuring safe and environmentally friendly production. Moreover, we plan to implement flexible pricing and inventory management in line with market trends to maintain cash flow and minimize risks while achieving reasonable profit levels."<\/p>\n

Fourth Quarter 202<\/b>3<\/b> 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 December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

2022<\/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

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

<\/td>\n\n

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

<\/td>\n\n

-1.91 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-1.52 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-8.54 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

n\/a<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

87.04 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

  Face Masks<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-80.65 %<\/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

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

<\/td>\n\n

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

<\/td>\n\n

-75.61 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

1.19 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4.80 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span>3.61<\/span>pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

5.32 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

8.28 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span>2.96<\/span> pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

5.50 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

10.28 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span>4.78<\/span> pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

41.02 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

n\/a<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

-182.10 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-315.16 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

 Face Masks<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-21.19 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

27.47 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-48.66<\/span> 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

-3.80<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.49<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-673.41 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

-3.98<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-11.91<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-66.54 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 EBITDA<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

<\/td>\n\n

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

<\/td>\n\n

-97.08 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

-0.40<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-1.19<\/span><\/p>\n<\/td>\n

<\/td>\n\n

66.39 %<\/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