Shandong Chenming Paper (HKG:1812, SHE:000488) incurred an attributable loss of 1.45 billion yuan in the first quarter, compared with an attributable profit of 58.2 million yuan a year prior, a Tuesday Hong Kong bourse filing said.
Loss per share in the quarter was 0.49 yuan, while the company had made earnings per share of 0.02 yuan in the first quarter of 2024.
The Chinese paper products manufacturer saw an 88% drop in revenue to 797.2 million yuan in the three months from 6.76 billion yuan in the year-ago period.
The firm attributed the swing to loss mainly to lower sales of machine-made paper, alongside a lower gross profit, as well as the shutdown of some production bases for maintenance in the period.
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