Paper products manufacturer IT Tech Packaging has reported a net loss of $1.98m in the third quarter (Q3) of financial year 2023 (FY23), compared to a net loss of $1.89m for the same period in FY22.

The company’s loss from operations was approximately $2.48m in Q3 FY23, compared to a loss from operations of roughly $0.59m in Q3 FY22 and its loss per share was $0.20 against $0.19 for the same period last year.

For the three months ending 30 September 2023, IT Tech recorded total revenue of approximately $15.77m, a decrease of 50.26% from nearly $31.71m in Q3 FY22.

The company attributed this fall in revenue to a drop in sales volume in its Corrugating Medium Paper (CMP) segment and a decrease in the average selling prices within its CMP and Tissue Paper Product units.

Its earnings before interest, taxes, depreciation and amortisation was approximately $1.69m in Q3 FY23, from $2.43m in the same period last year.

For the first three quarters of FY23, IT Tech reported its revenue declined by 16.96% to approximately $65.58m.

During the reported period, the company’s net loss was approximately $5.96m when compared to a net loss of approximately $4.66m a year ago.

IT Tech chair and CEO Zhenyong Liu said: "For the first nine months of 2023, the company realised a total revenue of $65.58m with a net loss of $5.96m, slightly falling from the same period of last year. Looking forward, we can see opportunities and challenges coexist, and the long-term positive fundamentals remain unchanged in the uncertain business environment.

“We believe with the increased policy support for the private economy, the domestic demand and consumption will accelerate further and industrial economy will continue improving. We will make our efforts for a reasonable profit with measures to balance the production and sales, optimise overall products, develop new customers and increase efficiency with a decreased cost."