IT Tech Packaging (ITP) Reports Q1 Loss of $0.11

IT Tech Packaging (NYSE: ITP) reported Q1 EPS of ($0.11), versus ($0.12) reported last year. Revenue for the quarter came in at $8.74 million, versus $17.45 million reported last year.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, "As we had expected, our financial results of the first quarter 2020 recorded some decreases versus the same period of last year mainly as our production was suspended from mid-January 2020 to early March 2020 due to the COVID-19 pandemic outbreak as well as the seasonal effect of the Chinese New Year. While our facilities have been ramping-up since March, our production and sales in the first quarter were all impacted, resulting sales decline and profit loss. We returned to production in mid- March 2020 and resumed full capacity of tissue paper production and CMP production in early April 2020 and March 2020, respectively. Despite of the unprecedented challenges created by the COVID-19 pandemic, our tissue paper products are in growing demand due to the need to control the spread of COVID-19 and our production lines have been running at full production capacity since April to fulfill orders secured. In response to the market demands for tissue paper as daily necessities, we are scheduling a new tissue paper production line PM10 which we expect to be launched shortly this year. In addition to adding a tissue paper production line, we launched a non-medical face masks production line to meet the huge demands for personal protective gear needed for the public and workers in different industries. As such, we are confident the underlying demand for our products remain strong and we expect to improve the overall performance in the coming quarters."

For earnings history and earnings-related data on IT Tech Packaging (ITP) click here.

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