Pacific Millennium Packaging Expands in South and East China: Foshan Set for Q4 Production, Chuzhou Plant Planned

International Pacific Millennium Packaging Group has released its unaudited interim results for the six months ended June 30, 2021.

During the period, the Group generated revenue of RMB 1.117 billion, up around 26.5% year on year, while profit attributable to owners of the company came to approximately RMB 23.3 million, down about 20.9% from the prior-year period.

Foshan plant targets Q4 production start

The Group established a new plant in Shandong Province in 2020, with capacity of about 78 million square meters per year for corrugated board and corrugated packaging products. As of June 30, 2021, utilization at that site stood at roughly 70%, and the rate is expected to rise as the global COVID-19 pandemic recedes.

As for the Foshan plant, it remained under construction as of June 30, 2021, and is now in the final construction phase. According to International Pacific Millennium Packaging Group,

the project is expected to be completed in September 2021, with production scheduled to begin in the fourth quarter of 2021.

Once operational, the plant will further strengthen the Group's market share in South China.

New plant planned for Chuzhou, Anhui

Beyond the Shandong and Foshan plants,

the board of International Pacific Millennium Packaging Group has decided to add another new plant in Chuzhou, Anhui Province.

The facility is estimated to produce 75 million square meters of corrugated board and corrugated packaging products annually.

The board believes that, once the Chuzhou plant is in use, it will continue to expand the Group's manufacturing footprint in East China, allowing the Group to respond quickly to customer requirements and needs with shorter production lead times. This is especially important for maintaining competitiveness in the corrugated packaging industry.

Looking to the second half, International Pacific Millennium Packaging Group said that, given the Group's overall situation and continued uncertainty over when the COVID-19 pandemic will fully subside, the directors remain cautiously optimistic about the Group's performance in the second half of 2021. Management will keep a close watch on market conditions and take appropriate actions to address changing market demand.

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-378183.html