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Nine Dragons Paper (Holdings) Ltd Profits wrinkled

NINE Dragons Paper (Holdings) Ltd, China's biggest maker of container board paper for packaging, will post a "substantial reduction" in profit for the six months to December 31 on higher raw-material costs and lower selling prices.

Recovered paper, coal and chemicals were among the raw materials that Hong Kong-based Nine Dragons had to buy at higher prices, it said in a statement to the city's stock exchange yesterday. There was a "substantial decrease" in prices for its products, Nine Dragons said.

Packaging demand in China is falling as the global recession cuts demand for exports. Nine Dragons' profit for the six months ended June 30 fell 22 percent from the same period last year, and its stock slumped 89 percent in 2008, compared with the benchmark Hang Seng Index's 48 percent drop.


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