Nine Dragons' paper net profit fell 28% for the whole year

According to the Hong Kong News Agency, according to the Hong Kong News Agency, Nine Dragons Paper, one of the leading paper companies in the Mainland, increased its annual turnover by 11.4% to 27.176 billion yuan as of the end of June this year, but due to In the second half of the fiscal year, the financial expenses increased significantly, resulting in a half-year net profit shrinking by nearly 33% compared with the first half of the year, and dragging down the annual net profit by 27.8% year-on-year to 1.42 billion yuan; the final dividend was down 37.5% year-on-year to 5 points; The annual dividend payout ratio also fell by 0.7 percentage points to 23%. Financial expenses for the year increased by 55.9% to 1.208 billion yuan, mainly due to the high interest rate of market loans and the increase in loans to expand production capacity.

The final dividend is reduced by 38%

The company expects that the global economy will continue to fluctuate in the second half of this year. The central government will adopt a cautious attitude in relaxing macroeconomic regulation and control, so the operation will continue to be cautious and conservative in the short term. However, next year, the market is expected to gradually pick up. The central government may gradually cut interest rates and deposit reserve ratios, which will bring further optimization space for the company's loan portfolio. The loan ratio and financial expenses will also be improved year by year. Last year's long-term and short-term loan interest costs increased by 0.4 and 0.8 percentage points respectively to 5.6% and 5.0%.

The financial cost of the first half of the year (as of the end of March this year) was only 260 million yuan, but it increased to 1.2 billion yuan in the whole year, which is a sharp increase of 940 million yuan or 3.6 times in the second half of the year, mainly due to the sharp increase in loan interest. As of the end of June this year, the company's net debt ratio decreased by 2 percentage points year-on-year to 99.7%; but the actual outstanding amount, due to the expansion of production capacity, increased loans by 9.7% to 26.294 billion yuan, in the long-term Debt accounted for more than 80%. However, cash flow and cash levels remained stable. Net cash flow for the year reached RMB 4,020 million, up 38.5% year-on-year; while cash at the end of June was RMB 4.368 billion, and another RMB 21.339 billion. Use bank financing.

21% increase in capacity in the next two years

As the market is still in the doldrums, the company will delay the partial expansion plan, including 37 and 38 paper machines with annual production capacity of 350,000 tons in Shenyang base, which will be delayed until mid-2014 and before the end of 2015. The company pointed out that the company has experienced rapid growth in recent years and has entered a stage of steady development. It will carry out future expansion plans based on market conditions and the company's own resources, and gradually reduce liabilities.

In the next two years, the company will have a total of 5 new paper machines in production. By June 2014, the total production capacity will be close to 14 million tons, an increase of nearly 21% from the end of June this year.

Last year, the company's gross profit margin decreased by 1.3 percentage points to 16%, mainly due to the decrease in average selling price during the period than the cost decline. The company said that from the perspective of raw material price trends and industry conditions, the industry is now at the bottom of the market and is expected to gradually pick up next year. It is believed that the company will benefit from the efforts of active expansion in recent years.

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