OREANDA-NEWS. March 27, 2014. Orient Paper, Inc. announced its financial results for the 4Q and full year 2013 ended December 31, 2013.

Total revenue in the 4Q 2013 was USD 35.2 million, decreased 19.1% from USD 43.5 million, as the company said in the press release received by Lesprom Network.

Gross profit in the 4Q 2013 was USD 7.2 million, up 7.5% from USD 6.7 million for the 4Q 2012. The improvement was mainly due to lower raw material prices and stabilization of average selling prices.

Excluding the impact of interest expenses, income tax expenses, depreciation and amortization, EBITDA, a non-GAAP measurement, was USD 7.1 millio, up 36.5% from USD 5.2 million.

Net income was USD 3.5 million, up 75% from USD 2 million. Basic and diluted earnings per share for the 4Q 2013 were USD 0.19, compared to USD 0.11 for the corresponding period of 2012.

Mr. Zhenyong Liu, Chairman and CEO of Orient Paper, commented, "We have experienced a very eventful 2013 quarter to quarter. Nonetheless, we are pleased to have achieved satisfactory results well within our financial guidance for the full year, and made good progress on all our projects."

Mr. Liu continued, "In particular, we are pleased to announce that we are wrapping up the conversion works of PM1 into an insulation liner paper production line. The conversion project is looking at a completion months ahead of schedule with a much lower cost than budgeted. We will launch the new PM1 production during the 2Q 2014 and will be ramping up production in the months to come.

For our existing operations, we will continue to ramp up production of PM6, after achieving a record high monthly annualized utilization of 86% in December and a 24% increase of production volumes for the full year."

Orient Paper, Inc. is a leading paper manufacturer in North China. Using recycled paper as its primary raw material, Orient Paper produces and distributes three types of paper products namely, packaging paper (corrugating medium paper), offset printing paper, and other paper products, including digital photo paper, and household/tissue paper that the company is currently expanding into.