Nine Dragons Paper (HKG:2689) said it expects profit attributable to equity holders to range between 1.7 billion yuan and 1.9 billion yuan for the year ended June 30, up 126% to 153% from 750.7 million yuan a year earlier, according to a Wednesday Hong Kong bourse filing.

The company attributed the surge mainly to increased sales volumes and a sharper fall in raw material costs compared with product selling prices, which lifted gross profit.

Final results are expected to be published before the end of September.