Diversified paper products manufacturer IT Tech Packaging has reported a net loss of $10m, or $1.0 per diluted share, in financial year 2023 (FY23), compared to $16.6m, or $1.7 per diluted share, in FY22.  

For the year ending 31 December 2023, the company witnessed a decline in total revenue, which dropped by 13.76% to approximately $86.55m.  

The decline was primarily attributed to a reduction in the average selling price of corrugating medium paper (CMP), although this was partially offset by an increase in sales volume in CMP and offset printing paper. 

IT posted a gross profit of $1m in FY23, down by 78.97% from the previous year’s figure of approximately $4.75m. Overall gross margin also decreased by 3.6% year-on-year (YoY) to 1.2%. 

Its loss from operations was about $9.58m in FY23. Operating loss margin fell 5.8% YoY to 11.1%. 

The company recorded earnings before interest, taxes, depreciation, and amortisation EBITDA of approximately $5.61m over the year, from $10.96m in FY22.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the fourth quarter of 2023, IT reported total revenue of roughly $20.96m, a slight decrease of 1.91% from the same period in the previous year. 

The company posted a gross profit of $0.25m, compared to approximately $1.03m for the same period a year ago. 

IT chair and CEO Zhenyong Liu said: “In 2023, the company achieved a revenue of $86.55m and a gross profit of $1m. 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 [Chinese] 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.”