IT Tech Packaging, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 09, 2022 at 04:32 pm EDT
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IT Tech Packaging, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported sales was USD 31.79 million compared to USD 46.53 million a year ago. Net loss was USD 0.287913 million compared to USD 0.453248 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.03 compared to USD 0.1 a year ago.
For the six months, sales was USD 47.27 million compared to USD 70.74 million a year ago. Net loss was USD 2.78 million compared to USD 4.79 million a year ago. Basic loss per share from continuing operations was USD 0.3 compared to USD 1 a year ago. Diluted loss per share from continuing operations was USD 0.3 compared to USD 1 a year ago.
IT Tech Packaging, Inc., formerly Orient Paper, Inc. is a holding company for the Hebei Baoding Orient Paper Milling Company Limited (Orient Paper HB), a producer and distributor of paper products in China. The Company is engaged in production and distribution of four categories of paper products: corrugating medium paper (CMP), offset printing paper, digital photo paper and tissue paper products. The Company, through Baoding Shengde Paper Co., Ltd. (Orient Paper Shengde), is engaged in production and distribution of digital photo paper. The Company operates through two segments: Orient Paper HB, which produces printing paper and CMP, and Orient Paper Shengde, which produces digital photo paper. CMP is used in the manufacturing of cardboard. The Company has over two corrugating medium paper production lines, including PM6 and PM1. The Company also produces finished tissue paper products that are marketed and sold under the Orient Paper brand.