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China Flexible reports net loss in Q3

Biaxially oriented polypropylene (BOPP) film manufacturer China Flexible Packaging has reported a net loss of CNY77.1m ($12.19m) in its third quarter of 2012 compared to a net profit of CNY2.6m ($0.41m) in the same period of 2011.

The company’s turnover for the three months ended 31 July 2012 declined by 21% to CNY169.2m ($27m) due to a lower production yield, sub-standard products sold at reduced prices, and a rejection rate that is higher, businesstimes.com.sg reported.

For the nine months ended, China Flexible Packaging posted a net loss of CNY124.8m ($20m) against a net profit of CNY6.4m ($1.01m) in the year-ago period.

Due to the closing of production lines for 18 months in the second quarter of fiscal year 2012, the company’s revenue during the period fell by 24% to CNY492.2m ($78m).

The company manufactures and sells plastic packaging films, synthetic papers and high-barrier films in China.