Orient Paper reports 57% increase in full year net income
Orient Paper (NYSE AMEX: ONP), which controls and operates diversified paper products manufacturer Hebei Baoding Orient Paper Milling, reported a 57% surge in revenues for the 12 month period ended 31 December 2009 (FY 2009).
The Hebei Province based paper production company generated approximately US$102 million in revenues in FY 2009, compared to $65.2 million in the previous year.
FY 2009 unaudited net income also rose strongly, up 43% to $12.5 million, or $1.03 per diluted share (FY 2008: net income $8.8 million or $0.81 per diluted share).
"In fiscal 2009, demand outpaced our production capacity, which resulted in a 57% increase in revenue," said Mr. Zhenyong Liu, Chairman and Chief Executive Officer. "Our profitability significantly increased in the full year of 2009, attributable to growth in repeat orders from our current customer base, as well as the addition of new clients.
Orient Paper is anticipating revenues to rise strongly again in 2010, to approximately US$18 million.
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