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Asia Packaging reports rise in revenues for fiscal 2013

Packaging products manufacturer in China Asia Packaging Group has reported revenues of $47m for the year ended 31 March 2013, representing 10% rise over the corresponding fiscal.

During the period, the company’s net income increased 36.3% to $9m compared with $6.6m during 2012 mainly due to the improvement in the change in product mix towards higher price and higher margin products.

Following the year end, Asia Packaging closed its acquisition of Yuanxing as well as acquiring the land right use and buildings associated with its operation.

Asia Packaging president and CEO Wenge Hong said the closing of the acquisition was a key step in expanding the company’s product base and growing its geographic reach in the country.

"Further, the purchasing of the land use rights and buildings for Yuanxing will help strengthen the business," Hong added.

The company also noted that the previously announced acquisition of JinJiang City Anhai Hongrizhong Plastic Color Printing was discontinued as there was a delay in receipt of business licenses and other permits.