IT Tech Packaging Q2 Revenue Surges 76% - IT Tech Packaging (AMEX:ITP)

IT Tech Packaging Inc 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.