China Pharmaceuticals second quarter net income jumps 208%
Second quarter net income and revenues beat management expectations at over-the-counter pharmaceuticals company China Pharmaceuticals (OTC:CFMI) this morning. The US listed, China focused company reported that second quarter (3 months to 30 June) more than doubled over the same period last year to $10.45 million, while gross profit climbed 89% to $6.08 million and net income surged 208% to $5.37 million. Diluted earnings per share (EPS) hit 19 cents.
“...we continue to be extremely pleased with the company's
performance to date and its growth prospects for the future," stated
Guozhu Wang, Chairman and CEO of China Pharmaceuticals, "We are focused
on continuing to expand our portfolio of high margin products and
aggressively expanding our sales and marketing network that will allow
us to continue to build sustainable growth in revenues and profits."
The strong second quarter numbers lifted first half revenues 79%
higher to $17.5 million, from $9.78 million in the first half of 2009,
while gross profits climbed 72% to $10.3 million and net income jumped
69% to $6 million.
As of June 30, 2010, the Company had $6.7 million in cash and total assets of $40 million.
Looking ahead to the rest of 2010, the fast growing over-the
counter drug company said it was extremely optimistic about its future
prospects and is continuing to weight up both organic and acquisitive
growth opportunities.
China Pharmaceuticals its headquartered in Xi'an, Shaanxi
Province, China. The company currently markets and distributes 111
prescription drugs representing 84% of sales distributed via 31 sales
offices to a network of hospitals and clinics nation-wide..
Related news
- Peninsula Energy chairman talks to Proactive Investors in Stocktube Video
- Empire Energy Group hits oil production milestone in Appalachia
- Aminex and Solo Oil to carry out further analysis on Ntorya-1 well
- Angel Biotechnology shares surge as it reveals new contracts worth total of £4.5mln
- Pan Pacific Aggregates secures £2m facility from Yorkville Advisors
- Sunrise Resources reveals high grade results from Derryginagh barite project – UPDATE
- Red Rock Resources acquires option in Kansai Mining
