Orient Paper, a leading manufacturer and distributor of diversified paper products in North China, recently announced unaudited financial results for the second quarter ended June 30, 2013. Quarter ended June 2013 Financial Results compared with quarter ended June 2012. Total revenue in the second quarter of 2013 was $33.0 million, decreased 7.0% from $35.5 million.
Key Highlights for Q2 2013 include:
- Secured RMB150 million (approximately US$24 million) financing arrangement to fund new tissue business expansion
- Construction of tissue paper production facility on schedule
- Maintain 2013 net income and EPS guidance
Chairman and Chief Executive Officer of Orient Paper, Mr. Zhenyong Liu commented, "We are pleased to report that our businesses have started to recover with production ramping up steadily from the previous quarter and the decline in raw material costs. As a result, the Company's overall profitability has improved even though the economic environment remains challenging."
Mr. Liu added, "Our expansion into the tissue paper segment is also progressing well. The construction works in the Wei County Economic Development Zone site is on schedule to be completed by the end of 2013, and we have successfully obtained the $24 million financing arrangement, which reflects creditable rating of Orient Paper as a Company especially in the midst of tight credit conditions in China. This financing will provide adequate working capital for the later stage of the expansion plan critical to driving our mid to long term business growth."
Mr. Liu concluded, "Orient Paper is committed to establish a track record for solid financial performance. With product prices gradually stabilizing, we reiterate our commitment to meeting our 2013 guidance.
