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Stock impact report

IT Tech Packaging, Inc. Updates on Non-medical Single-Use Face Masks Business

IT Tech Packaging, Inc. (ITP) 
Company Research Source: PR Newswire
BAODING, China, July 7, 2020 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or "the Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced that it recognized revenue of RMB6.73 million through June 30, 2020 from sale of 6.28 million pieces non-medical single-use face masks since launch of the production line at the end of April 2020. The capacity of the non-medical single-use face mask production has ramped up to approximately 100,000 pieces per day to the market. We sold a total of 6,279,780 pieces single-use masks between the end of April and the end of June and we recorded a total sales of RMB 6.73 million, with gross margin of approximately 60%, which is higher than the anticipated 40% when launching the production in April. The orders are increasing at a robust pace from our purchasing partners and the products are being sold to institutions, drugstores and supermarkets in Hebei Province.M Show less Read more
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