Lee & Man Paper Revenue Increased by 4.9%
OREANDA-NEWS. June 21, 2012. Lee & Man Paper Manufacturing Limited announced its audited annual results for the year ended 31 March 2012 (“year under review”).
The Group’s revenue slightly increased by 4.9% over last year to HKD 14.716 million (USD2.3 million). Net profit was HKD 1.351 million (USD212,565) as affected by competitive pressures on the average selling price and increase in salaries and production cost during the year under review.
Basic earnings per share were HK 28.82 cents. The Board of Directors declared payment of a final dividend of HK 5.2 cents per share. Together with the interim dividend of HK 4.8 cents per share already paid, total dividends for the year amounted to HK 10 cents per share, representing a stable payout ratio of about 35% of net profit.
Raymond Lee, CEO of Lee & Man Paper, said: “Despite the impact of the faltering European economy and the sovereign debt crisis and a laggard US economic recovery on the domestic and export market, our containerboard sales volume improved with the average selling price comparable to last year. The substantial increase in waste paper, coal and other raw materials prices has boosted our operating costs and eroded the net margin per tonne. The Group is continuing stringent cost control across our production plants in China and in the expansion of our production capacity”.
Lee & Man Paper Manufacturing Limited is one of the leading paper manufacturers in China, specialising in the production of a range of linerboard and corrugating medium used to produce cardboard boxes for packaging purposes. Currently, the Group has four paper production plants in China, located at Hongmei and Huangyong in Dongguan, Changshu in Jiangsu and Yongchuan in Chongqing.