 BAODING, China, March 23, 2021 PRNewswire -- IT Tech Packaging, Inc. NYSE American: ITP IT Tech Packaging or the Company, a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the fourth quarter and audited financial results for the fiscal year ended December 31, 2020. Fourth Quarter 2020 Financial Results For the Three Months Ended December 31, millions 2020 2019 Change Revenues 32.48 33.61 -3.4 Regular Corrugating Medium Paper CMP 19.68 19.61 0.3 Light-Weight CMP 5.24 5.08 3.1 Offset Printing Paper 4.88 7.16 -31.9 Tissue Paper Products 2.65 1.75 51.3 Face Masks 0.04 NM NM Gross profit 0.75 5.60 -86.7 Gross profit loss margin 2.3 16.7 -14.4 pp Regular Corrugating Medium Paper CMP 1.4 15.4 -14.0 pp Light-Weight CMP 3.9 18.3 -14.4 pp Offset Printing Paper 13.6 33.7 -20.1pp Tissue Paper Products -15.0 -43.1 28.1 pp Face Masks 5.81 NM NM Operating income loss -1.97 3.19 -161.7 Net income -2.69 2.16 -224.8 EBITDA 1.56 6.98 -77.6 Basic and Diluted earnings loss per share -0.06 0.10 -160.0 Products from PM6 Products from PM1 Products from PM8 and PM9 pp represents percentage points Revenue slightly decreased by 3.4 to 32.48 million, primarily attributable to a decrease in sales volume of offset printing paper. 