July 31, 2018 Lee & Man Paper Co., Ltd. announced its interim results for the six months ended June 30, 2018. During the period, the Group's total sales volume was 2.95 million tons, and the total revenue was HK$ 16.369 billion (the same period in 2017 : HK$ 11.440 billion). Net profit for the half year was HK$ 2.98 billion, up 35.9% from the same period last year , and net profit per ton was HK$ 1,009 . Earnings per share was 66.52 HK cents (corresponding period of 2017 : 48.42 HK cents per share ). The Board resolved to declare the year ended June 30, 2018 for the six months interim dividend of 20 HK cents per share (2017 same period: 17 cents per share).
Dr. Li Wenjun, Chairman of Lee & Man Paper, said: “The government has implemented supply-side reforms and tightened environmental protection policies in recent years, which has led to further integration of the paper industry. In addition, demand for paper products has picked up and supply and demand have improved greatly. The Group is expected to benefit from the price hike of products. Driven by the favorable industry overall environment, the Group believes that with its leading technology advantages, it will further consolidate the Group's leading position in the paper industry."
The company is now focusing on the development of different types of kraftliner paper, corrugated medium paper, coated whiteboard paper, and toilet paper products, and deepen the market segment to meet the needs of different customers.
Toilet paper business, the Group currently has a total annual production of 795,000 tons, including Chongqing Industrial Park, a total of 12 sets of annual production of 575,000 tons, Jiangxi Industrial Park 2 sets of annual output of 11 million tons, and Guangdong Dongguan Hongmei plant two annual total of 110 000 Tons of toilet paper production line.
In the packaging paper business, the Group has 6 packaging paper factories in China and abroad . The domestic plants are located in Jiangsu, Guangdong, Chongqing and Jiangxi, while the foreign factories are located in Vietnam. A new paper machine in Vietnam will be put into operation by the end of 2019 , which will contribute about 500,000 tons of capacity per year . By then, the total annual output of packaging paper will reach 6.5 million tons.
In addition, the Group will continue to pursue the improvement of product quality while improving its development scale. Committed to providing high-quality products to the public and adhering to the tenet of equal emphasis on production management and environmental protection, strengthen environmental management, increase emission reduction efforts, and achieve energy conservation and consumption reduction.
Group's financial position continues to remain robust, bank balances and cash at 30 June 2018 amounted to HK $ 1.521 billion (30 June 2017: HK $ 1.001 billion). Group's net gearing ratio were kept at a healthy level of 58% (30 June 2017: 71%).
Mr. Li Wenbin, CEO of Lee & Man Paper, concluded: “Looking ahead, the Group will actively promote the scale of development, expand the diversified pulp business, and actively seek opportunities for foreign expansion on the basis of stabilizing the production capacity of domestic factories. The status and consistent development of the stable development, I believe that the Group can bring the greatest benefits to shareholders."
After the publication of the semi-annual report, the brilliant performance of the company immediately triggered a positive response from the market. Liwen’s share price once jumped 5.37% . On August 2nd , Lee & Man shares remained strong and continued to rise 2.71% .
At the same time, Lee & Man Paper (02314.HK) announced August 2, 2018, according to the company at HK $ 8.12 to HK $ -8.18 per share, at a cost of approximately HK $ 21,236,500 to repurchase 259.8 million shares, representing 0.059% of the issued shares. It shows that Lee & Man Paper has strong confidence in the company's stock price and future performance.
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