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Orient Paper posts 37.82% unaudited profit growth for 2011

Feb. 17, 2012 (China Knowledge) - Orient Paper Inc<ONP>, a leading manufacturer and distributor of diversified paper products in North China, has released its unaudited preliminary results for 2011 with net profit reaching US$21.5 million, up 37.82% year on year from US$15.6 million.  

Last year, the U.S.-listed firm's diluted earnings per American Depositary Share were US$1.17, more than US$0.89 it realized in 2010.

Revenue for 2011 increased 21.6% year on year from US$124 million to US$150.7 million. Last year, Orient Paper sold 108,174 tons of corrugating medium paper, climbing 0.91% from a year earlier, while the company's sales of offset printing paper reached 122,320 tons, up 8.34% year on year.

The average selling prices of the firm's corrugating medium paper and offset printing paper increased 24.93% and 8.31 % from a year earlier, respectively.

Chairman and CEO Liu Zhenyong said the company put a 360,000-ton corrugating medium paper facility into operation last year, a milestone for Orient Paper in 2011.

The paper maker will release full financial results and on or before Mar. 15, 2012.

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