Chinese paper company IT Tech Packaging has reported a 59.03% increase in its revenue for the third quarter (Q3) of 2024, reaching $25.08m from $15.77m in the same period of the previous year.

The growth is primarily attributed to the increased sales volume of corrugating medium paper (CMP), despite a decrease in average selling prices.

Revenue from CMP, which includes both regular and lightweight variants, soared by 62.38% to $25.04m, constituting 99.85% of the total revenue for Q3 2024. This is a notable increase from $15.42m, or 97.79% of total revenue, in the same period last year.

Sales of regular CMP witnessed a 74.93% increase, generating approximately $20.91m in Q3 2024, up from $11.95m in the same period last year.

The total cost of sales went up by 45.46% to about $23.16m for Q3 2024, from $15.92m in the same period last year. This increase was mainly due to the higher sales quantity of CMP, mitigated by the reduced unit material cost of CMP products.

The company's total gross profit for Q3 this year stood at approximately $1.92m, an improvement from a gross loss of $0.15m in the same period last year.

The overall gross profit margin reached 7.64%, compared to a gross loss margin of 0.97% in the previous year.

The operational loss was reduced to about $1.46m from $2.48m, and the net loss remained stable at approximately $1.97m, with a loss per share of $0.2.

The total revenue decreased by 11.26% to approximately $58.2m, down from $65.58m in the previous year for the nine months ending 30 September 2024.

This was mainly due to the lower average selling price of CMP, partly offset by the increased sales volume of regular CMP. The total cost of sales also decreased by 18.85% to about $52.61m, primarily due to lower unit material costs.

The gross profit for the nine months was approximately $5.58m with an overall gross margin of 9.59%. The net loss for the nine months was around $5.80m, or a loss per share of $0.58, while EBITDA stood at $5.94m.