Others News
- Cardboard box demand boosts net
Date: 24-Sep-2007 Sources: (Xinhua Online)
BEIJING, Sept. 21 -- Nine Dragons Paper Holdings Ltd, run by China's richest woman Zhang Yin, posted a 30-percent gain in second-half profit as companies in the world's fastest-growing major economy used more cardboard boxes to ship finished goods.
Net income rose to 1.06 billion yuan (140 million U.S. dollars) in the six months ended in June from 814.6 million yuan a year earlier.
The figures were derived by subtracting first-half earnings from full-year numbers released by the Hong Kong-listed company yesterday. Sales rose 26 percent to 5.2 billion yuan.
Nine Dragons, China's biggest maker of container board used to pack televisions and toys, and its rivals are expanding to keep pace with rising exports and investments. China's economy grew almost 12 percent in the second quarter, the fastest pace since 1994.
The company said yesterday it plans to invest 2.3 billion yuan to build its fourth plant in Ninghe county in Tianjin, capable of producing 800,000 metric tons of paper products a year in its initial phase, starting June 2009.
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