Lee & Man Paper’s revenue up 24.7% in 2018
Lee & Man Paper Manufacturing Limited (Group) announced its annual results for the year ended 31 December 2018. During the year, the Group’s total revenue increased by 24.7% to HK$32.21 billion ($4.1 billion), compared to HK$25.84 billion ($3.3 billion) in 2017. Annual net profit was HK$4.88 billion ($626 million) and net profit per ton was HK$797 ($102.2).
Dr Raymond Lee, Chairman of Lee & Man Paper, said: “Stringent requirements on environmental protection, energy conservation and emission reduction, together with tougher enforcement actions have resulted in a more concentrated market, enabling the Group to gain more market share and stronger bargaining power.
Although slackened demand for downstream end paper products dragged down the profit margin of the entire industry in the latter half of 2018, we believe there is further room for growth in the PRC’s paper consumption sector. Riding on the Group’s advanced technology and comprehensive strategic direction, we believe our leading position in the industry will be further strengthened.”
Lee & Man Paper Manufacturing Limited is one of the leading paper manufacturers in China. The Group specialises in the production of a range of linerboard, corrugating medium and coated duplex board used to produce cardboard boxes for packaging purposes.