Orient Paper, Inc., a leading manufacturer and distributor of diversified paper products in northern China, today announced unaudited preliminary results for the three months ended March 31, 2012.
The Company plans to release full financial results and file its Form 10-Q on or before May 10, 2012 and will hold an earnings conference call to discuss its results.
For the three months ended March 31, 2012, total unaudited revenue increased 3.6% to approximately $34.4 million from $33.2 million in the first quarter of 2011. The Company sold 45,391 tonnes and 17,831 tonnes of corrugating medium paper and offset printing paper, respectively, up 104.9% and down 37.9% compared to the first quarter of 2011, respectively. The Company's new corrugating medium paper line with 360,000 tonnes annual production capacity contributed 7,491, 5,401, and 14,085 tonnes to the total corrugating medium paper sold during January, February and March of 2012, respectively.
During the quarter, the average selling prices (ASP) of the Company's corrugating medium paper and offset printing paper products rose 9.1% and declined 1.8%, respectively, compared to the first quarter of 2011. Excluding any currency translation adjustments, ASP of corrugating medium paper and offset printing paper measured in RMB rose 5.2% and declined 6.1%, respectively, compared to the first quarter of 2011.