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China Shengda Packaging Group Inc. (NASDAQ: CPGI), paper packaging manufacturer in China, has released its financial results for the 12 months ended December 31, 2012.
"As our customers continued to face economic headwinds throughout the year in 2012, our overall sales volume declined slightly from 321.7 million square metres in 2011 to 317.4 million sqm in 2012,” said CEO Daliang Teng. “Our gross margin also declined from 20.7% in 2011 to 18.0% in 2012 due to increase in cost of raw materials. However, our revenues increased by 1.1% to $125.3 million from $124.0 million as we continued to improve our sales mix in favour of colour cartons that carry higher margin and higher average sales price versus flexo cartons."
FY 2012 financial highlights:
- Revenues increased by $1.3 million, or 1.1%, to $125.3 million for 2012 from $124.0 million for 2011.
- Gross profit decreased by $3.1 million, or 12.0%, to $22.6 million for 2012 from $25.7 million for 2011. Gross profit as a percentage of revenues was 18.0% for 2012, as compared to 20.7% for 2011.
- Net income applicable to common stockholders decreased by $4.0 million, or 42.2%, to $5.6 million for 2012 from $9.6 million for 2011.
- Diluted earnings per share were $0.14 for 2012 as compared to $0.25 for 2011.
Revenues for the full year of 2012 was $125.3 million, an increase of $1.3 million or 1.1% from $124.0 million for the full year of 2011, mainly due to increase in average sales price which increased by $0.01, or 2.5%, to $0.395 for 2012 from $0.385 for 2011. Sales volume decreased 4.4 million sqm, or 1.4%, to 317.4 million sqm from 321.7 million sqm for 2011. The decrease in sales volume was mainly the result of challenging macro environment.