OREANDA-NEWS. November 21, 2013. China Shengda Packaging Group Inc. ("Shengda") reported its financial results for the 3Q ended September 30, 2013. Total revenues for the 3Q 2013 increased by USD6.9 million, or 20.9%, to USD 39.9 million from USD 33 million for the same period of 2012, as the company said in the press release received by Lesprom Network.

Gross profit decreased by USD 0.6 million, or 10.8%, to USD 5.4 million for the 3Q 2013 from USD 6 million for the same period of 2012. Gross margin decreased by approximately 4.8 points to 13.4% for the 3Q 2013 from 18.2% for the same period of 2012.

Net income attributable to the Company's stockholders decreased by \\$0.9 million, or 60.7%, to approximately USD 0.5 million for the 3Q 2013 from USD 1.4 million for the same period of 2012. Basic and diluted earnings per share were USD 0.01 for the 3Q 2013, as compared to USD 0.04 for the same period of 2012.

Mr. Daliang Teng, CEO of China Shengda Packaging Group commented, "Despite continued challenges in economic environment, we continued to grow our paper cartons business in the 3Q which grew 3.1% to the highest level since 2Q 2012. We are also pleased to see our paper mill starting to contribute meaningfully to our business, generating USD 5.9 million, or approximately 15% of total revenues, in the 3Q. With the continuing ramp of the paper mill and our heightened efforts in sales and marketing for our paper carton business, we believe Shengda is well positioned in years to come."

Total revenues for the nine months ended September 30, 2013 increased by USD 2.3 million, or 2.4% to USD 100.5 million from USD 98.2 million for the same period of 2012.

Gross profit decreased by USD 1.8 million, or 10.6%, to USD 15.5 million for the nine months ended September 30, 2013 from USD 17.3 million for the same period of 2012. Gross margin dropped by approximately 2.2 points to 15.4% for the nine months ended September 30, 2013 from 17.6% for the same period of 2012.

Net income attributable to the Company's common stockholders decreased by USD 2.4 million, or 52.5%, to \\$2.2 million for the nine months ended September 30, 2013, from USD 4.6 million for the same period of 2012. Basic and diluted earnings per share were USD 0.06 for the nine months ended September 30, 2013, as compared to \\$0.12 for the same period of 2012.

China Shengda Packaging Group Inc. is a leading paper packaging company in China. It is principally engaged in design, manufacturing and sale of flexo-printed and color-printed corrugated paper cartons in a variety of sizes and strengths. It also manufactures raw paper and corrugated paperboards, which are used for the production of flexo-printed and color-printed cartons.