 BAODING, China, May 11, 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 first quarter ended March 31, 2021. For the Three Months Ended March 31, millions 2021 2020 Change Revenues 24.21 8.74 176.9 Regular Corrugating Medium Paper CMP 16.96 5.72 196.5 Light-Weight CMP 3.75 2.02 85.9 Offset Printing Paper 2.12 NM NM Tissue Paper Products 1.25 1.01 24.4 Face Masks 0.13 NM NM Gross profit 1.83 -0.17 1178.8 Gross profit loss margin 7.5 -1.9 9.4 pp Regular Corrugating Medium Paper CMP 8.5 4.9 3.6 pp Light-Weight CMP 10.9 12.9 -2.0 pp Offset Printing Paper 19.4 NM NM Tissue Paper Products -36.5 -70.7 34.3 pp Face Masks 18.8 NM NM Operating income loss -0.72 -2.87 74.7 Net incomeLoss -4.34 -2.44 -78.1 EBITDA -0.07 1.04 -106.7 Basic and Diluted earnings loss per share -0.12 -0.11 -8.6 Products from PM6 Products from PM1 Products from PM8 and PM9 pp represents percentage points Revenue increased by 176.9 to 24.21 million, primarily attributable to increase in sales volume of CMP and offset printing paper, as well as the increase in Average Selling Prices ASPs of CMP and tissue paper products. 