Chinese paper packaging company China Shengda Packaging has reported a decrease in net income of 51.5% to $2.3m in the third quarter of 2011, down from $4.8m in the same period last year.

The company’s gross profit fell by 29.3% to $6m from $8.4m a year ago, while for nine months it stood at $19.2m compared to $25.7m in 2010.

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Gross margin for the quarter also declined to 17.7% from 27.2% year-on-year.

The company reported an increase of 8.7% in revenue to $33.6m compared to $30.9m last year, and revenue for the first nine months of 2011 increased by 1.4% from $91.9m to $93.2m.

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