IT Tech Packaging, Inc. Announces Unaudited First Quarter 2024 Financial Results

IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the first quarter ended March 31, 2024.

Mr. Zhenyong Liu commented: “In the first quarter of FY2024, we realized revenue of approximately $6.86 million with a profit of $0.40 million. During the reporting period, domestic packaging paper suffered sluggish demand and prices. In addition, the increase in production capacity of industry peers, more intense competition from import of finished products and interest rate hikes had posed persistent pressure on the industry. Despite these daunting challenges, China is actively launching various policies to stimulate the economy and support enterprises, which is believed to be effective in boosting investment and domestic demand, thereby improving the business environment of the packaging paper industry. Looking forward, we will continue to optimize the raw material structure and minimize the purchase price to ensure production efficiency and consistent quality. We also will explore new products and new markets with appropriate price adjustments to capture greater market share. Meanwhile, we believe that together with the above measures, and better control of the inventory and working capital as well as cash flow, we will make the company a healthy operation in the near future.”

First Quarter 2024 Unaudited Financial Results

For the Three Months Ended March 31,

($ millions)

2024

2023

% Change

Revenues

6.86

19.79

-65.32 %

Regular Corrugating Medium Paper (“CMP”)*

5.75

16.47

-65.08 %

Light-Weight CMP**

1.08

3.06

-64.83 %

Offset Printing Paper

n/a

Tissue Paper Products

0.22

n/a

Face Masks

0.04

n/a

Gross profit

0.40

elong