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Chenming Paper' 2011 net profit plunges 47.71%

Mar. 29, 2012 (China Knowledge) - Shandong Chenming Paper Holdings Ltd<000488><200488><1812>, a leading paper producer in China, announced yesterday that its net profit fell 47.71% year on year to RMB 608 million last year, dragged down by a decline in gross profit margin amid rising costs of raw materials.

Basic earnings per share were RMB 0.29 last year, and the company proposed a dividend of RMB 1.5 per ten shares.

The paper maker booked RMB 17.75 billion in operating revenue in 2011, 3.16% more than in the previous year.  The company produced 3.4 million metric tons of machine-made paper in the period, 1.49% more than in 2010, and the segment generated RMB 16.34 billion of revenue, 1.09% more than in the previous year, but its gross profit margin dropped 5.18 percentage points to 15.09% in the year.

Chenming Paper has been expanding its presence in the whole wood pulp paper industry over the past years, which it said would greatly boost its earnings in the long run.

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