By a News Reporter-Staff News Editor at China Weekly News -- China Shengda Packaging Group Inc. (NASDAQ: CPGI) ("Shengda" or the "Company"), a leading Chinese paper packaging company, reported its financial results for the second quarter ended June 30, 2014.
Mr. Daliang Teng, Chief Executive Officer of Shengda, commented, "We are pleased to announce solid second quarter results with revenues increasing both annually and sequentially, thanks to continued ramp of the paper mill at our Shuangsheng subsidiary that contributed $10.7 million in revenues and more than offset the weakness in our paper cartons business. Our gross margin continued to recover and reached the highest level to 17.4% since the second quarter of 2013, benefitting from lower material cost for our paper cartons business and narrower loss at Shuangsheng."
Mr. Teng continued, "While economic headwinds will likely continue to sap our customers' ability to expand, therefore negatively affecting our paper cartons business in the near term, we remain confident that the long-term growth prospects of our market, our vertical integration and geographical expansion strategy, and our execution capabilities will allow us to deliver significant long-term returns for our shareholders."
Keywords for this news article include: Asia, China Shengda Packaging Group Inc.
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