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| Gross Profit Surges 48.80% to Approximately RMB446,188,000 |
HONG KONG, May 8, 2013 - (ACN Newswire) - Shandong Luoxin Pharmacy Stock Co., Ltd. ("Luoxin" or the "Company", HKSE: 8058), a leading PRC pharmaceutical enterprise, announced its unaudited first quarterly results for the three months ended 31 March 2013 (the "period under review") today.
During the period under review, the Company continued to strengthen its research and development ("R&D"), production and distribution capabilities, thereby maintaining a good operating condition. The Company's turnover increased by 30.38% year-on-year to approximately RMB618,537,000. Gross profit rose by 48.80% to approximately RMB446,188,000, with gross profit margin increased by 8.93% points to 72.14%. The Company's profit attributable to shareholders slightly increased by 0.32% to approximately RMB130,308,000. Weighted average earnings per share were RMB21.38 cents, representing an increase of 0.32% over the corresponding period in 2012. The board of directors of the Company does not recommend payment of any dividend for the three months ended 31 March 2013.
Mr. Liu Baoqi, Chairman of Luoxin, said, "As the government proactively carries out medical reforms, continues to tighten the medicine-related regulations and standards, increases investments in the pharmaceutical industry, and improves public health services, the fiscal investments in medical and healthcare sector have increased over years and medical insurance coverage has also expanded. Moreover, rural health services have strengthened, and new rural cooperative medical services have improved. Aside from the above favourable factors, the aging population, the accelerating urbanisation as well as the steady growth of the global pharmaceutical market have also contributed to the lasting and promising momentum of the pharmaceutical industry in the PRC in 2013. As a leading modern pharmaceutical enterprise in the PRC, Luoxin has always been focusing its strategies on science and technology innovation, R&D acceleration, distribution enhancement and production optimisation. Luoxin aims to provide reliable, high-tech and high value-added pharmaceutical products. During the period under review, to fully leverage on the opportunities arising from the market growth and to satisfy market demands, we have invested additional resources to enhance our production capabilities and technology application and accelerate the R&D of new products. Meanwhile, we have strived to tap into a broader market and to increase our market share in order to boost our turnover and profits, thus laying a solid foundation for sustainable development of the Company in the future."
As at 31 March 2013, the Company's cash on hand and cash equivalents amounted to approximately RMB501,973,000.
The Company currently have established or been awarded with a state-province joint engineering laboratory, the "Industrial Model Enterprise (Shandong) of the National Comprehensive Technology Platform for New Drug R&D", the "National Post-Doctoral Research Workstation", the "Key High-Tech Enterprise under the State Torch Program", the "Key Lyophilised Powder Injection Pharmaceutical Laboratory of Shandong Province", the "Lyophilised Powder Injection Pharmaceutical Engineering Laboratory of Shandong Province", the position of "Taishan Scholar - Pharmaceutical Expert Consultant" and the "Enterprise Academician Workstation of Shandong Province". The above establishments and awards provide a stronge platform for recruiting talents and improving technologies and production techniques, thus, further strengthening the R&D capabilities and the overall competitiveness of the Company.
In respect of sales and marketing, the Company continued to integrate marketing resources and form outstanding sales teams to increase the market share and competitiveness of its products. At present, the Company has an extensive and seamless sales network throughout China under a well-established marketing management system. The Company has accelerated the development of the rural market and formed an OTC (over-the-counter) sales network, aiming to build the third terminal direct sales network.
In respect of new products, patents and achievements, the Company had 69 invention patents pending in the PRC as at 31 March 2013. As at 31 March 2013, the Company had registered 66 patents, of which 56 were invention patents registered in the PRC. Moreover, the Company obtained 2 manufacturing approvals for new products during the period under review. As at 31 March 2013, the Company has obtained 284 manufacturing approvals and 46 new drug certificates. In addition, 3 products have been listed in the State Torch Program. Furthermore, the Company obtained the manufacturing approval for ambroxol hydrochloride injection, a new respiratory drug developed by the Company, which will be made available to the market together with oxaliplatin injection and its active pharmaceutical ingredients (antineoplastic drug), gemcitabine hydrochloride injection and its active pharmaceutical ingredients (antineoplastic drug) and fasudil hydrochloride injection and its active pharmaceutical ingredients (cardiovascular drug), of which manufacturing approvals were obtained in the fourth quarter of 2012. The sale of the above new drugs will become a new growth driver.
In respect of production and management, Shandong Yuxin Pharmacy Co., Ltd. ("Yuxin"), an indirect wholly-owned subsidiary of Luoxin, obtained the Drug Manufacturing Certificate and completed the construction of its infusion workshop and ancillary facilities. Yuxin's 2 solid preparation workshops and 1 lyophilised powder injection workshop were constructed in compliance with and have passed the certification of the new national Good Manufacturing Practices ("GMP") standards. Yuxin's 1 bacteria-free active pharmaceutical ingredient workshop, 1 powder injection packaging workshop, 1 lyophilised powder injection workshop and 1 small volume injection workshop were renovated in compliance with and have also passed the certification of the new GMP. In the meantime, Shandong Hengxin Pharmacy Co., Ltd. ("Hengxin"), also an indirect wholly-owned subsidiary of Luoxin, speeds up the construction of an active pharmaceutical ingredient project and the first phase of the synthetic active pharmaceutical ingredient workshop of the project is already in operation. Besides, the Company is also speeding up the construction of Second People's Hospital of Fei County, which is a cooperation with the People's Hospital of Fei County and Linyi People's Hospital.
Mr. Liu Baoqi, Chairman of Luoxin concluded, "Looking ahead, the development of pharmaceutical industry is one of the key priorities in future national policies, thus enjoys optimistic prospects. Being the key industry favoured by the Twelfth Five-Year Plan, we are confident in maintaining our sustained and healthy development. The Company will continue to pursue the direction of a "technology-driven enterprise with determination and efforts". By fully leveraging on the opportunities arising from the integration of the pharmaceutical industry, the Company will continue to expand its investments in scientific researches and strive for developing more products of higher technology, better quality and higher added-value. The Company also aims at reducing production costs and expanding production scale so as to strengthen its competitiveness in economies of scale, low production costs and product differentiation. Our product capacity will be increased upon completion and commencement of production of the new plants of Yuxin and Hengxin. The new plants will also increase the effectiveness of introducing new dosage types and expanding the R&D scope of new drugs, thus facilitating the overall business development of the Company. We will also accelerate establishment of sales teams and proactively broaden our sales network so as to enhance the market share of our products and continue to improve the core competitiveness, enhancing "Luoxin" to be built into a pharmaceutical enterprise with worldwide recognition and bringing satisfactory returns to its shareholders."
Contact:
Porda Havas International Finance Communications Group
Ms. Cherry Cheung / +852 3150 6773 / cherry.cheung@pordahavas.com
Ms. Christine Gu / +852 3150 6792 / christine.gu@pordahavas.com
Ms. Ka Wai Li / +852 3150 6715 / kawai.li@pordahavas.com
Fax: +852 3150 6728
Topic: Press release summary
Source: Shandong Luoxin Pharmacy Stock Co., Ltd.
Sectors: Daily Finance, BioTech
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From the Asia Corporate News Network
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