China Sky One Medical third quarter sales jump 45.5%
Pharma group China Sky One Medical Inc (Nasdaq: CSKI) reported
strong third quarter results, mainly due to an enlarged sales team and
a good contribution from acquisitions made in 2008.
Sales in the
three months to end-September rose 45.5 percent from a year earlier to
US$43.2 million, while net profit was up 25.3 percent at US12.5 million.
Sales
of patch products totaled US$11.8 and accounted for 27.3 percent of
revenue in the third quarter of 2009, versus US$13.0 million and 43.6
percent of revenue for the same period last year due to a change in the
marketing strategy after the acquisition of Heilongjiang Tianlong
Pharmaceutical Inc and Peng Lai Jin Chuang Pharmaceutical Co to focus
on certain of their products.
Total revenues for nine months
ended September 30 2009 increased 52.2 percent year-on-year to US$100.2
million and net profit reached US$29.2 million, up from of US$21.9
million previously.
As of September 30 2009, China Sky One Medical had US$56.3 million in cash and cash equivalents, approximately US$79.1 million in working capital, and no debt.
Chairman and CEO Yan-Qing Liu commented: "We are confident about the prospects for our business in 2009 and will continue to focus on increasing market share by both strengthening and further refining our sales and distribution network, building and enhancing our brand image, and seeking out strategic acquisitions that support our growth.”
"Based on our progress so far this year, we are reaffirming our guidance for the year. We expect 2009 full year revenue to increase by 40 percent, or approximately US$37 million, to US$130 million, driven by growth in all of our product sales categories. We expect 2009 net income will increase to approximately US$39 million,” he added.
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