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Sunshine Paper Announced 2007 Annual Results

China Sunshine Paper Holdings Company Limited
2008-03-27 18:02 784

HONG KONG, March 27 /Xinhua-PRNewswire/ -- China Sunshine Paper Holdings Company Limited ("Sunshine Paper" and together with its subsidiaries, the "Group", HKEx: 2002), a leading white top linerboard manufacturer by production output in 2006 in the PRC, announced its annual results for the year ended 31 December 2007.

For the year ended 31 December 2007, the Group's turnover amounted to RMB1,381.6 million, representing a growth of 125.3% .over 2006. Gross profit increased to RMB269.6 million in 2007, representing a significant increment of 127.2%. Profit attributable to equity holders of the Company increased by 166.3% to approximately RMB133.0 million. Basic earnings per share were RMB69 cents (2006: RMB29 cents).

In 2007, white top linerboard accounted for 76.3 % of total turnover. 11,752 tons of light-coated linerboard accounted for new sales in 2007. The significant growth in overall turnover was attributable to increasing demand in white top linerboard and core board, and the increase in production capacity and upgrade to existing production lines. Moreover, the average selling price of the Group's products increased as the Group produced higher grade products.

In 2007, the Group had 5 production lines with an aggregate annual production capacity of 360,000 tons. The sixth production line in producing core board is expected to commence production by the third quarter of 2008. The foundation work of the seventh production line has also commenced. It can manufacture both white top linerboard and light-coated linerboard interchangeably with an estimated annual production capacity of 500,000 tons. Aggregate annual production capacity is expected to reach approximately 1,060,000 tons by 2009.

The Group had signed strategic co-operation agreements with numerous leading consumer product manufacturers, such as Mengniu Dairy, Tsingtao Brewery, Yili, Haier, Huiyuan Juice and Master Kong Chef.

In 2007, the Group increased its equity interest in Changle Shengshi Thermoelectricity Co., Ltd. from 20% to 80%, contributing to the Group an income of approximately RMB28.8 million.

The Group planned to set up eight recovered paper collection points by the end of 2008.

Mr. Wang Dongxing, Chairman of the Group said, "Looking ahead, we will further expand the production capacity, continuous adopt the environmentally practice and speed up the business development via strategic acquisition and establishing joint ventures."

For inquiries, please contact:

iPR Ogilvy Ltd.

Callis Lau

Tel: +852-2136-6952

Email: callis.lau@iprogilvy.com

Source: China Sunshine Paper Holdings Company Limited
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