Tissue maker upbeat as profit hits 3.9b yuan

Business | Winnie Lee 27 Mar 2020

Chinese tissue paper manufacturer Hengan International (1044) said net profit rose 2.8 percent year-on-year to 3.9 billion yuan (HK$4.25 billion) in 2019.

It declared a final dividend of 1.25 yuan per share, and basic earnings per share were 3.285 yuan.

Revenue rose 9.6 percent to 22.49 billion yuan. The income generated by tissue business, contributing for 51.1 percent of the total revenue went up by 12.3 percent to 11.49 billion yuan.

The group expects the price of wood pulp to stay low during the first half of this year, which will relieve cost pressures and improve gross profit margins.

Meanwhile, mainland dairy giant China Mengniu Dairy Company (2319) said net profit rose 34.9 percent to 4.1 billion yuan in 2019 over the previous year.

Revenue was 79.03 billion yuan, up by 14.6 percent, basic earnings per share were 1.049 yuan, and a final dividend of 0.181 yuan was declared.

The group said that all its factories except those in Wuhan have resumed production. The company said the Covid-19 outbreak has caused challenges and even interruptions to its operations, including supply chains and production and distribution networks.

Mengniu's subsidiary, baby formula milk producer Yashili International (1230), said on Wednesday that net profit doubled to 112.4 million yuan in 2019.

Revenue rose 13.3 percent to 3.412 billion yuan. Basic earning per share was 2.4 cents yuan, and no dividend was declared.

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