China-based paper company IT Tech Packaging has recorded revenue of around $15.48m for the first quarter (Q1) of the fiscal year 2022 (FY22), down by 36.1% from the same period of the previous year.

The company’s Q1 performance was affected by a decrease in the sales volume of regular chemi-mechanical pulp (CMP), offset printing paper and tissue paper products.

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In the three months to 31 March, IT Tech Packaging’s gross profit decreased by 83.0% to around $0.31m, from around $1.83m a year earlier, while its total gross margin dropped by 5.6% to 2.0%.

The company reported a loss of around $2.96m from operations, against last year’s figure of approximately $0.72m.

Its net loss was around $2.49m, against a net loss of approximately $4.34m a year earlier, and its loss per share for Q1 was $0.03 compared with $0.12 in Q1 2021.

The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) were approximately $1.20m during the quarter.

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IT Tech Packaging chairman and CEO Zhenyong Liu said: “In the first quarter of 2022, our business was significantly affected by the dynamic and challenging macro environment and resurgence of Covid-19.

“We have resumed our business operation, and we expect to actively improve our business plans and launch a series of initiatives to optimise our revenue structure and diversify our business to counter the adverse effects of Covid-19 and the governmental policy developments on our operations and financial results.

“Looking forward, we believe our business fundamentals will defend our leading position in the industry and we remain intently focused on ramping production, broadening the market, and driving long-term value for shareholders in 2022 and beyond.”

Founded in 1996, IT Tech Packaging manufactures and supplies diversified paper products and single-use face masks in North China.

The company uses recycled paper as the primary raw material for all its products except its tissue paper products.

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