Monday, November 18, 2019
Martin Hennecke

Lee and Man profit plunges 40pc
<p>Lee and Man Paper Manufacturing (2314) chief executive Edmond Lee Man-bun said demand for packaging paper in the mainland declined by nearly a quarter under the impact of the Sino-US trade war and the company&#39;s interim net profit fell more than 40 percent.</p><p>Edmond Lee said the company&#39;s order also dropped by 20 percent to 25 percent in the first seven months, but anticipated that the demand for packaging paper will increase in the second half as the Mid-Autumn Festival is approaching.</p><p>It announced its net profit ended June 30 slumped 43.6 percent year-on-year to HK$1.68 billion.</p><p>Revenue decreased by 20.9 percent year-on-year to HK$12.95 billion. The company declared an interim dividend of HK$0.13 per share.</p><p>Lee and Man Paper Manufacturing said from the second half of 2018, with promotions of supply-side reform and restrictions of new capacity investments due to a tighter environmental policy, the supply and demand of the industry was at a low level.</p><p>Meanwhile, the ongoing US-China trade friction in the first half of the year resulted in the substantial increase in the cost of paper production, which affected consumer confidence.</p><p>Elsewhere, Lee and Man Chemical (0746) said its net profit ended June 30 saw a 26.4 percent year-on-year drop to HK$401 million, and revenue fell by 12 percent to HK$1.72 billion from a year ago.</p><p>Shares of Lee and Man Paper Manufacturing was down 1.47 percent to HK$4.01, while Lee and Man Chemical was up 0.51 percent to HK$3.92.</p>

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