Nov 09, 2011. /Lesprom Network/. Orient Paper, Inc. announced unaudited financial results for the 3Q ended September 30, 2011.For the quarter ended September 30, 2011, revenue was $37.1 million, an increase of 61.2% from $23 million for the same period last year, as the company said in a press release received by Lesprom Network. Revenue for the first nine months of 2011 was $111.8 million, up 27.5% from revenue of $87.7 million for the first nine months of 2010. Gross profit was $24.6 million, up 38.2% from gross profit of $17.8 million in the comparable period a year ago. Gross margin was 22.0%, up 170 basis points from 20.3% for the prior year period. "Our strong performance in the 3Q reflects the continued favorable pricing trends driven by strong market demand and regional shortage in supply of paper products. During the third quarter, we completed installation of the paper manufacturing equipment and activated the new power station for our new 360,000 tons corrugated medium paper production line. Currently, we are conducting extensive testing procedures on our new production line and expect to begin commercial production in the 4Q 2011," commented Mr. Liu. "We believe the launch of this new production line will mark an important milestone for Orient Paper and will make meaningful contributions to our revenue, profitability and market share growth in the year 2012 and beyond." Operating income was $22.5 million, up 54.6% from $14.5 million in the first nine months of 2010. Net income was $16.1 million, up 57.6% from $10.2 million in the first nine months of 2010. Diluted earnings per share were $0.88 for the first nine months of 2011 compared to $0.60 in the first nine months of 2010. Orient Paper, Inc. is a leading manufacturer and distributor of diversified paper products in northern China.