Diversified paper and packaging products manufacturer IT Tech Packaging has announced a revenue decrease of 12.56% to nearly $26.25m in the second quarter (Q2) of financial year 2024 (FY24), compared to $30.02m in the same period last year.
The decline was attributed to the production suspension of offset printing paper and tissue paper products during the quarter.
Despite the revenue drop, the company’s income from operations surged by 205.60% to $0.55m, a significant recovery from the $0.52m loss reported in the same quarter of the previous year.
Its operating margin also improved to 2.09% in Q2 FY24 from a loss margin of 1.73% in the prior year.
Net loss per share narrowed to $0.01, down from a loss per share of $0.12 in Q2 FY23.
IT Tech Packaging’s earnings before interest, taxes, depreciation, and amortisation increased to approximately $3.93m, up from $2.83m in the same period last year.
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By GlobalData
The company’s total gross profit for the second quarter stood at approximately $3.27m, a significant increase from $1.18m in the same period last year, with the overall gross profit margin rising to 12.44% from 3.93%.
For the first half of FY24, IT Tech Packaging’s total revenue saw a 33.52% decrease to approximately $33.11m, down from $49.81m in the same period last year.
This was mainly due to production suspensions of CMP in January and February, along with the aforementioned suspensions in the first half of the year.
The loss from operations for the first half of FY24 was approximately $2.95m, a 10.24% drop from the $3.29m loss in the same period last year.
The operating loss margin for the first half was 8.92%, compared to 6.61% in the previous year.
The company’s total gross profit for the first half of FY24 was approximately $3.66m, compared to $0.90m in the same period last year.
