Tissue firm's profit falls 50pc

Business | Avery Chen 29 Oct 2018

Tissue paper manufacturer Vinda International (3331) said its operating profit for the third quarter of the year fell by 50 percent to HK$126 million compared with the previous quarter due to an increase in wood pulp costs and the depreciation of the yuan.

Operating profit only rose by 1.2 percent year-on-year to HK$769 million for the nine months ended September 30.

Revenue in the first three quarters rose by 11.1 percent yearly to HK$10,747 million, of which HK$8,669 million was from the tissue segment and HK$2,079 million from the personal care segment.

To alleviate the pressure of cost increases and the yuan's depreciation, the company had taken a number of measures, including two rounds of price increases, active cost savings as well as an enhancement of its portfolio mix, according to the filing.

Meanwhile, Zijin Mining (2899) posted a net profit of 3.35 billion yuan (HK$3.78 billion) for the first nine months this year, up 51.40 percent yearly, benefiting from increases in production, sales and the selling price of key metal products.

Basic earnings per share during the period was 14.6 fen. Net profit for the third quarter was 826 million yuan, up 16.53 percent year-on-year.

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