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10.05.2024 22:22
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IT Tech Packaging, Inc. Announces First Quarter 2024 Unaudited Financial Results
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PR Newswire
BAODING, China, May 10, 2024
BAODING, China, May 10, 2024 /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 first quarter ended March 31, 2024.
Mr. Zhenyong Liu commented: "In the first quarter of FY2024, we realized revenue of approximately $6.86 million with a profit of $0.40 million. During the reporting period, domestic packaging paper suffered sluggish demand and prices. In addition, the increase in production capacity of the industry peers, more intense competition from import of finished products and interest rate hikes had posed persistent pressure on the industry. Despite these daunting challenges, China is actively launching various policies to simulate the economy and support enterprises, which is believed to be effective in boosting investment and domestic demand, thereby improving the business environment of the packaging paper industry. Looking forward, we will continue to optimize the raw material structure and minimize the purchase price to ensure production efficiency and consistent quality. We also will explore new products and new markets with appropriate price adjustments to capture greater market share. Meanwhile, we believe that together with the above measures, and better control of the inventory and working capital as well as cash flow, we will make the company a healthy operation in the near future."
First Quarter 2024 Unaudited Financial Results
| | | For the Three Months Ended March 31, | ||||
| ($ millions) | | 2024 | | 2023 | | % Change |
| Revenues | | 6.86 | | 19.79 | | -65.32 % |
| Regular Corrugating Medium Paper ("CMP")* | | 5.75 | | 16.47 | | -65.08 % |
| Light-Weight CMP** | | 1.08 | | 3.06 | | -64.83 % |
| Offset Printing Paper | | - | | - | | n/a |
| Tissue Paper Products | | - | | 0.22 | | n/a |
| Face Masks | | - | | 0.04 | | n/a |
| | | | | | | |
| Gross profit | | 0.40 | | -0.28 | | 224.08 % |
| Gross profit margin | | 5.81 % | | -1.40 % | | 7.21 pp**** |
| Regular Corrugating Medium Paper ("CMP")* | | 5.68 % | | 1.93 % | | 3.75 pp**** |
| Light-Weight CMP** | | 3.32 % | | 3.96 % | | -0.64 pp**** |
| Offset Printing Paper | | - | | - | | n/a |
| Tissue Paper Products*** | | - | | -316.80 % | | n/a |
| Face Masks | | - | | -7.97 % | | n/a |
| | | | | | | |
| Operating income | | -3.50 | | -2.77 | | -26.31 % |
| Net loss | | -3.75 | | -2.73 | | -37.08 % |
| EBITDA | | -0.02 | | 1.21 | | -101.65 % |
| Basic and Diluted earnings per share | | -0.37 | | -0.27 | | -37.04 % |
| | | | | | | |
| * Products from PM6 | | | | | | |
| ** Products from PM1 | | | | | | |
| *** Products from PM8 and PM9 | | | | | | |
| **** pp represents percentage points | | | | | | |
- Revenue decreased by 65.32% to approximately $6.86 million, mainly due to the production suspension of corrugating medium paper ("CMP") in January and February of 2024, and production suspension of tissue paper products in the first quarter of 2024.
- Gross profit was approximately $0.40 million, compared with gross loss of $0.28 for the same period of last year. Total gross profit margin increased by 7.21 percentage point to 5.81%.
- Loss from operations was approximately $3.50million, compared to loss from operations of approximately $2.77 million for the same period of last year.
- Net loss was approximately $3.75 million, or loss per share of $0.37, compared to net loss of approximately $2.73 million, or loss per share of $0.27, for the same period of last year.
- Earnings before interest, taxes, depreciation and amortization ("EBITDA") was approximately negative $0.02 million, compared to $1.21 million for the same period of last year.
Revenue
For the first quarter of 2024, total revenue decreased by 65.32%, to approximately $6.86 million from approximately $19.79 million for the same period of last year. This was mainly due to production suspension of corrugating medium paper ("CMP") in January and February of 2024, and production suspension of tissue paper products in the first quarter of 2024.
The following table summarizes revenue, volume and ASP by product for the first quarter of 2024 and 2023, respectively:
| | | For the Three Months Ended March 31, | ||||||||||
| | | 2024 | | 2023 | ||||||||
| | | Revenue | | Volume | | ASP | | Revenue | | Volume | | ASP |
| Regular CMP | | 5,751 | | 15,640 | | 368 | | 16,468 Werbung Mehr Nachrichten zur IT Tech Packaging Aktie kostenlos abonnieren
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