Jun 20, 2011. /Lesprom Network/. Lee & Man Paper Manufacturing Limited announced its audited annual results for the year ended 31 March 2011 (“year under review”). During the year under review, the Group achieved remarkable results, thanks to better management and stringent cost control throughout the value chain from procurement and production to sales. Revenue increased by 26.4% year-on-year to HK$14,034 million, mainly attributable to the increase in the Group’s average selling price of containerboard. Net profit grew slightly to HK$1,848 million. Basic earnings per share were HK40.13 cents. The Board of Directors declared payment of a final dividend of HK8 cents per share. Together with the interim dividend of HK6 cents per share already paid, total dividends for the year amounted to HK14 cents per share. Raymond Lee, CEO of Lee & Man Paper, said: “Despite the substantial increase in waste paper and coal prices which resulted in higher operating costs, we were able to maintain our net profit per ton which was among the best in the containerboard industry in China. The management also made a conscientious effort to reduce debt thereby lowering the Group’s net debt-to-equity ratio from 0.64 to 0.55. With our strong operating cash flows, we are confident we can sustain our growth momentum and are self-sufficient in financing our capital expenditure”. Lee & Man Paper Manufacturing Limited is one of the leading paper manufacturers in China, specialising in the production of a range of linerboard and corrugating medium used to produce cardboard boxes for packaging purposes. Currently, the Group has four paper production plants in China.