Orient Paper Inc. (ONP) reported that its fourth-quarter net income was $2.0 million, down 63.6% from $5.5 million in the year ago quarter. Earnings per share for the fourth quarter of 2012 were $0.11 compared to $0.30 for the corresponding period of 2011.
Income from operations was $3.0 million for the fourth quarter of 2012, down 60.7% from $7.6 million for the fourth quarter of 2011, primarily due to weakened demand, and a provision of a one-off impairment loss of US$2.8 million for the renovation of a 150,000 tonnes/year CMP production line.
Total Revenue in the fourth quarter of 2012 was $43.5 million, increased 11.9% from $38.9 million.
Cost of Sales in the fourth quarter of 2012 was $36.8 million, up 20.6%, primarily due to the increase in sales and revenue of CMP in the quarter, while costs per tonne for CMP moved slightly up by 2.6% to $312, as prices for the CMP raw material went up sharply by 25.3% by the end of the fourth quarter as compared to the end of the third quarter.
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