Nine Dragons Reports 2021 Interim Results
Buyer’s Guide
Nine Dragons Paper (Holdings) Ltd., Hong Kong, has an- nounced unaudited interim results for the first six months of its 2021 fiscal year, which ended December 31, 2020. According to Nine Dragons’ latest earnings report, reve- nue increased by 7.1 percent year over year to a histori- cal high of RMB30.9 billion (or about $47.8 billion). Sales volume achieved a record high of 8.6 million metric tons per year, while net profit was RMB4 billion (or about $6.2 billion), a year-over-year increase of 75.6 percent. Gross profit margin was 20.9 percent, a year-over-year increase of 3.8 percent. Expanding Recycled Volume In 2021, Nine Dragons said it plans to expand the volume of recycled pulp and domestic procurement channels for fiber raw materials, as well as to ensure the execution of production capacity projects for upstream raw materials to more effectively control cost and quality.The company also plans to devote more efforts in segment markets with a fo- cus on high value-added products, supporting raw material supply and capitalizing on new opportunities arising from China’s “plastic ban order” and at the same time increasing the supply of white linerboard for food packaging and pa- per shopping bags. Finally, the company said it plans to reinforce efforts on environmental protection and research and development of pulp and paper production. In addition, Nine Dragons is investing RMB5.4 billion (or about $8.3 billion) in Malaysian paper mills, according to an announcement from the Malaysian Investment Develop- ment Authority (MIDA) based in Kuala Lumpur, Malaysia. PET Recycler CarbonLite Files for Chapter 11 PET bottle recycling company CarbonLite Holdings LLC has filed for Chapter 11 bankruptcy. Production at all Car- bonLite facilities will continue and no layoffs are anticipat- ed, said the company. CarbonLite cited pressures directly related to the coro- navirus pandemic for its financial issues, pointing to slow- downs in production because of employee illness and the depressed price of new plastic. COVID-19 also caused a nine-month delay in the completion and opening of its Berks County, Pennsylvania, location. The company said it incurred heavy capital expenditures from the opening of the new plant as well as an expansion of its Texas property. TC Transcontinental Packaging Wins FPA Award TC Transcontinental Packaging, Chicago, Illinois, won the GoldAward for Sustainability in the 2021 Flexible Packaging Achievement Awards Competition for the Maxwell House Canada 100 percent compostable coffee pod lidding and mother bag films.
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