China-based diversified paper supplier IT Tech Packaging has posted revenue of around $160.9m for the fiscal year 2021 (FY21), up by 59.4% compared with 2020.

The growth in revenue was driven by a rise in the sales volumes of corrugating medium paper (CMP) and offset printing paper, as well as increases in the average selling prices of CMP, offset printing paper and tissue paper products.

IT Tech Packaging’s net income for FY21 increased by $6.5m, or 116.3%, to around $0.9m against a net loss of approximately $5.6m in the previous year.

The company’s earnings per basic and diluted share (EPS) were $0.02, compared with a loss of $0.21 for each share in FY20.

Income from its operations rose by $6.9m to approximately $1.5m, representing a 126.8% increase year-on-year.

In the fourth quarter (Q4) of FY21, which ended on 31 December, IT Tech Packaging’s revenue grew by 38.7% to around $45.1m compared with a year earlier.

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Income from the company’s operations was approximately $1.95m in the quarter, against a loss of roughly $1.97m in Q4 2020.

IT Tech Packaging’s net income for the quarter was around $4.16m compared with a net loss of approximately $1.62m in the same period of FY20.

The firm’s EPS in the three-month period was $0.07, compared with a loss of $0.06 a year earlier.

IT Tech Packaging chairman and CEO Zhenyong Liu said: “We are pleased with our performance for the fiscal year 2021, as we demonstrated excellent revenue growth and improved business efficiencies.

“In fiscal year 2021, we launched a series of initiatives to optimise our revenue structure and diversify our business, which led to a very encouraging result.

“We significantly improved our operating and cost efficiency, reducing our sell, general and administrative expense by 14.3%, while maintaining the solid growth of overall sales volume and average selling prices of CMP products and offset printing paper products.”