欧美性高清不卡码|日韩无码高清一区二区|永久免费的无码中文字幕|日韩精品国产一区二区在线|国产精品一区久久高清观看|国产在线一区二区天堂av|亚洲欧洲日韩国产AA色大片|中文字幕日本mv永久地址进入

   
    
Home  |  News Guide  |  Price Trend  |  Paper Dictionary  |  Paper Reference  |  About Us  |  Contact Us
 
NEWS
Lee & Man earnings slump 79%
http://www.sbdailynews.com 2009-07-21 China Daily
HONG KONG: Lee & Man Paper Manufacturing, the second-largest containerboard maker on the mainland, reported net earnings slumped nearly 80 percent for the fiscal year, as the global financial crisis whittled down market demand and selling prices of products.

Net profits of the company fell 79 percent to HK$302.12 million for the 12 months ended March 31 this year, from HK$1.44 billion a year ago. However, revenue rose 7.3 percent to HK$9.65 billion as the commencement of new production plants boosted sales of containerboards.

The annual containerboard capacity of Lee & Man, also the fourth-largest containerboards maker in the world, amounted to 3.76 million tons by the end of March.

The company's gross profit margin in the fiscal year 2009 dropped 13.12 percentage points to 10.81 percent, while outstanding bank borrowings jumped to HK$8.54 billion from HK$7.10 billion.

Due to the increase in outstanding bank borrowings, finance costs leaped to HK$219 million, from HK$86 million in 2008.

Chief executive Raymond Lee said yesterday that the average selling price of containerboard was now HK$2,700 to HK$2,800 per ton, and it may take some time for the price to bounce back to HK$3,400 per ton.

Lee added that domestic sales on the mainland accounted for 79 percent of the company's income in the fiscal year, and expects the ratio to rise to 85 percent in the near term.

"The financial turmoil may eliminate competition on the mainland, which will benefit Lee & Man's business growth," Lee said in a press conference in Hong Kong yesterday.

For the fiscal year 2009, gearing ratio dropped to 0.81 from 0.84 in 2008.

Lee also said the company will focus on reducing its debts in the next 24 months, hoping to maintain the gearing ratio at around 50 to 55 percent in 2011.

The company decided not to pay a final dividend for the year.

Despite the plunge in net earnings, shares in Lee & Man yesterday finished up 2.25 percent, or HK$0.2, at HK$9.08.

President of BMI Funds Management Patrick Shum said investors may expect earnings of Lee & Man to improve amid the economic recovery.

"The company's target to reduce debts may also help boost its shares price," Shum said.

He added that Lee & Man should promptly repay its debts before the banks begin to increase interest rates, otherwise it may delay the schedule on lowering the gearing ratio.
 
Related Links
  Decline in global demand for forest products reduces timber prices in China
  Suzano's Pulp Sales Grow on ‘Strong' China Demand, Estado Says
  Lee & Man Paper warns of FY09 net profit drop
  Demand heightened for beverage containers in China
  International Paper Says Pulp Demand to Grow, Fueled by China
 
Copyright @ 2000-2008.Beijing IUUI Network Sci-Tech Co.,Ltd All Rights Reserved.
 
TEL:+86-10-51660216   FAX:+86-10-51662132
容城县| 通榆县| 荔波县| 博乐市| 天峻县| 北安市| 龙州县| 清流县| 蒙阴县| 长垣县| 久治县| 邹城市| 敖汉旗| 尼勒克县| 简阳市| 来安县| 青田县| 定州市| 女性| 武乡县| 博乐市| 永安市| 新竹市| 色达县| 平乡县| 汉中市| 平罗县| 佛教| 蓝山县| 海阳市| 海宁市| 桃江县| 五常市| 长白| 虎林市| 涞水县| 鹤庆县| 九江市| 全州县| 顺昌县| 大厂|