Benzinga | Aug 10, 2021 04:34PM EDT

IT Tech Packaging Q2 Revenue Surges 76%

* IT Tech Packaging Inc (NYSE:ITP) reported second-quarter FY21 revenue growth of 76.5% year-on-year, to $46.53 million.

* Regular corrugating medium paper (CMP) revenue rose 74.1% Y/Y, Light-weight CMP increased 45.7%, offset printing paper gained 469.2%.

* The revenue increase was primarily driven by the higher sales volume of CMP and offset printing paper and the increase in Average Selling Prices of CMP and tissue paper products.

* Gross profit grew 18.4% Y/Y to 3.03 million with a profit margin contracting 320 basis points to 6.5%.

* The operating margin was 0.9%, and operating income for the quarter was $0.43 million.

* EBITDA of $9.03 million increased 210.9% Y/Y.

* Loss per share was $(0.01), versus $(0.04) last year.

* "We continued to making improvements in the sales volume of CMP and offset printing paper products for this quarter," said CEO Zhenyong Liu.

* Price action: ITP shares closed higher by 6.35% at $0.4507 on Tuesday.