Reflecting ORG Technology’s acquisition of fellow canmaker CPMC, China’s leading metal packaging manufacturer reported sales were up by more than 81% year-on-year, while net profit slipped by 18.6%.
Sales in the three months were CNY6.62billion (USD929.2 million), while net profit was CNY173.06 million (USD24.3 million).
After the deduction of non-recurring gains and losses, net profit to shareholders of listed companies slipped by 22.7% to CNY167m (USD34.44m).
Among ORG’s customers in the drinks industry are Red Bull, Zhanma, Dongpeng Special Drink, Budweiser, Tsingtao Beer, Yanjing Beer, Snow Beer, Carlsberg, JDB, Coca-Cola, PepsiCo, Feihe, Yili, Mengniu, Lulu, Want Want, and Haitian, as well as brands in the chemical and industrial sectors, such as Procter & Gamble, Blue Moon, Wanhua Chemical, and Sinopec.
ORG also provides filling capabilities for all beverage categories except water and marketing services.
The canmaker’s third-quarter results follow a strong first half report in which sales were up 62.7%.
Chris Zhou, vice chairman of ORG Technology, recently spoke at The Canmaker Summit in Dublin, Republic of Ireland.
Companies are vying for market share by cutting prices, as growth slows in China, he told delegates, adding in other markets, such as shopping platforms and electric vehicles, the “easiest way to squeeze market share” was to drop prices, leading to price wars.
