China Pharmaceutical first quarter revenues climb 50%
China Pharmaceuticals (OTC:CFMID), a manufacturer and distributor of prescription and over-the-counter pharmaceuticals in China reported robust growth in revenues for the first quarter of 2010 (3 months ended March 31).
Revenues for the quarter rose 50% to just over US$7 million, while gross profits climbed 53% to $4.2 million and working capital climbed 19% to $11 million as total debt decreased by 61%. Gross margins also improved slightly, to 60% from 59% in Q1 2009.
Operating income however fell by 3% to $2.12 million due to an increase in selling and general administrative expenses. Net income also decreased by 14% to $1.55 million. As of March 31, 2010, the Company had $5.5 million in cash - a decrease of 17%.
Looking ahead to the rest of 2010, the Xi'an based pharmaceutical company said it expected this year to be ‘transitional' as it prepared for the instruction of new drugs into the market and pursues both organic growth and strategic acquisitions.
"We are delighted to report a strong first quarter of 2010, with revenues significantly exceeding our expectations. We continue to believe that the factors that contributed to this performance were strong sales from our new products and the successful restructuring of our sales and marketing network," stated Guozhu Wang, Chairman and CEO of China Pharmaceuticals.
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