(24 August 2011, Hong Kong) Youyuan International Holdings Limited ("Youyuan" or the "Company", together with its subsidiaries, the "Group", stock code: 2268), the leading wrapping tissue paper manufacturer in China, is pleased to announce today its interim results for 2011.
The revenue of the Group for the six months ended 30 June 2011 was RMB686.3 million, representing an increase of approximately 28.1% from RMB535.9 million for the six months ended 30 June 2010. Profit and total comprehensive income attributable to owners of the Company increased by approximately 46.4% from RMB101.5 million for the six months ended 30 June 2010 to RMB148.6 million for the six months ended 30 June 2011. The outstanding performance during first half of 2011 was mainly attributable to increases in both sales volume and average selling prices of the Group's products.
Basic earnings per share for the six months ended 30 June 2011 improved to RMB0.149 per share when compared with RMB0.127 per share for the same period of The Board of Directors of the Company has resolved not to declare any interim dividend payment for the period.
Commenting on this set of interim results, Mr. Ke Wen To, Chairman of the Group, said: "Wrapping tissue paper that we specialize in is a segment within the wrapping paper category that is highly demanding in production technologies. This segment started a consolidation whereby small-scale manufacturers using obsolete technologies are being phased out in a process that will concentrate the capacities in larger, more technologically-advanced industry participants. Meanwhile, prices of imported wood pulp, after having risen substantially since early 2009, have shown signs of stabilizing at relatively high levels. This trend will benefit manufacturers who can produce pulp, including fresh or recycled, for their own use. We are best positioned to benefit from these two trends."
During the reporting period, revenues generated from double-sided and single-sided MF tissue paper were RMB313.5 and RMB211.8 million respectively, contributed to approximately 45.7% and 30.9% of the Group's revenue respectively.
Source:todayir