China Flexible Packaging narrows losses to $3.4 mil in 3Q

SINGAPORE (Sept 13): China Flexible Packaging Holdings on Tuesday posted losses of RMB16.7 million ($3.4 million) for 3Q16, improving from a loss of RMB37.4 million in the same period last year.

The losses were mainly due to lower margins from low-cost products, a fall in selling prices outpacing lower costs, and the economic and industry slowdown in China, the group said in a filing on SGX.

However, the group narrowed its losses compared to a year ago as a result of downscaled production in the less efficient production line No. 3 and an improvement in overall sub-standard production rate.

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