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China Flexible Packaging Holdings Sinks Deeper Into The Red For 9M15
Daily Bulletin | 15 September 2015

China Flexible Packaging Holdings’ 9M15 net loss spiked 909 percent to Rmb144.2 million, on the back of a 40.3 percent plunge in revenue to Rmb458.2 million.

The weaker top line was attributed to the lower average selling price of the group’s major product, low shrinkage films, due to keener competition, lower market demand and the presence of low-price sub-standard products. Additionally, orders for high profit margin products fell, on the back of a weakening Chinese domestic consumer market.

As direct material cost, direct labour costs and overheads dropped at a much slower pace than the falling prices, a gross loss of Rmb85.3 million was recorded. coupled with a surge in other expenses to Rmb47.3 million (9M14: Rmb89,000) due to impairment losses on non-current assets, the group was dragged further into the red.

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