Chinese flexible packaging material manufacturer Shiner International has reported a 20% rise in third quarter 2011 revenue to $18.6m compared to $15.5m in the same period of 2010.
However, the company’s gross profit and gross margin for the quarter stood at $2.1m (11.4%), compared to $3.4m (22.1%) last year.
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For nine months, gross margin stood at 13.4% based on gross profit of $7m, compared to 18.7% gross margin in 2010.
The firm said its net income for the quarter decreased by 70.7% to $0.4m, in contrast with $1.3m for the third quarter of 2010.
Net income for nine months decreased by 31% to $2.2m, compared to $3.2m a year ago.
Shiner manufactures and sells products including coated packaging film, shrink-wrap film, common packaging film, anti-counterfeit laser holographic film, colour-printed packaging materials and water-based latex products.
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By GlobalData
