Chinese paper-making giant Lee & Man Paper has said that its profits are likely to be 43% lower than the same period last year.
In a preliminary earning warning issued to the Hong Kong Stock Exchange, the company said both the sales volume and price of its products had fallen.
The statement said: “The profit attributable to equity holders of the company during the period decreased by approximately 43% compared with the same period of last year, mainly due to the sales volume and selling price of the group’s products decreased, and the marginal profit of the group fell.”
Lee & Man Paper is supplied by Winfibre in UK, US and Europe.
In February, rival Nine Dragons Paper said that its profits available to shareholders in the six months to 31 December 2018 had fallen by 43.5% due to an increase in the cost of raw materials, and a fall in the price of its products.
Nine Dragons is supplied by ACN in UK, US and Europe.