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Nine Dragons says to repay bank loans early

Fri Oct 10, 2008 5:18am EDT

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HONG KONG, Oct 10 (Reuters) - Chinese paper board producer Nine Dragons Paper (2689.HK) aims to repay 1.0 billion yuan ($146.4 million) to 1.5 billion yuan of bank loans ahead of schedule in 2009, to cut credit risk.

Its shares lost nearly one-fifth of their value on Friday after the company reported lower-than-expected yearly earnings amid global financial turmoil. The stock closed down 19.6 percent at HK$1.77.

Nine Dragons said its net profit fell 6.3 percent to 1.88 billion yuan for the year ended June, due to rising energy and raw material costs. ($1=6.831 Yuan) (Reporting by Fion Li)



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