For the 3Q 2016, Orient Paper's total revenue increased by $5.1 million, or 15.6%, to $37.5 million from $32.4 million for the same period of the last year. The increase in total revenue was primarily due to an increase in sales of regular CMP and tissue paper products.
Total gross profit increased by $0.9 million, or 14.2%, to $7.3 million for the 3Q 2016, from $6.4 million for the same period of last year. Total gross margin decreased by 0.2 percentage points to 19.6% for the 3Q 2016, from 19.8% for the same period of last year.
Net income increased by $1.3 million, or 80.0%, to $3 million for the 3Q 2016, from $1.7 million for the same period of last year.
EBITDA increased by $0.7 million, or 8.6%, to $8.5 million for the 3Q 2016, from $7.8 million for the same period of last year.
"We are pleased to report solid results for the 3Q 2016, with increases in sales volume across all major product categories that more than offset a decrease in average selling prices, leading to 15.6% and 80% growth in revenues and net income, respectively, as compared to the third quarter of 2015," said Mr. Zhenyong Liu, Chairman and CEO of Orient Paper. "Over the last few months, we have seen orders for our products begin to stabilize and we expect this trend to carry over into the beginning of 2017."
For the nine months ended September 30, 2016, total revenue increased by $3.2 million, or 3.2%, to $103.4 million from $100.2 million for the same period of the last year.
Net income decreased by $5.1 million, or 54.8%, to $4.2 million for the nine months ended September 30, 2016, from $9.4 million for the same period of last year.
EBITDA decreased by $5.1 million, or 20.1%, to $20.1 million for nine months ended September 30, 2016, from $25.1 million for the same period of last year.
Orient Paper, Inc. is a leading paper manufacturer in North China. Orient Paper produces and distributes three categories of paper products: corrugating medium paper, offset printing paper, and other paper products, including digital photo paper and tissue paper products.
