OREANDA-NEWS. April 03, 2014. China Shengda Packaging Group’s total revenues for the year ended December 31, 2013 increased by USD8.9 million, or 7.1% to USD 134.2 million from USD 125.3 million for the year of 2012, as the company said in the press release received by Lesprom Network.

Gross profit decreased by USD 3.1 million, or 13.8%, to USD 19.5 million for the year of 2013 from USD 22.6 million for the year of 2012.

"2013 was another challenging year for the paper packaging industry as China's economy appeared to lose some steam in the past couple of years. This, combined with tightened credit environment, compelled many of our customers to put their expansion plans on hold, and therefore, our ability to grow our paper carton business. Despite these challenges, we grew our revenues by 7.1% to USD 134.2 million with the paper mill at our Shuangsheng subsidiary, generating USD 18.5 million in sales which offset the slight decline in our paper carton business," commented Mr. Daliang Teng, CEO of Shengda.

"Looking ahead, as the central government starts to induce a transition from the pursuit of pure GDP growth to more sustainable and quality economic growth, we believe the outlook for the paper packaging industry remains tempered in the near term. However, as we continue focusing on growing our business through both vertical integration and geographical expansion, we are confident of the long-term growth prospect of our business."

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 corrugating medium paper and corrugated paperboards.