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HONG KONG, Mar 24, 2010 - (ACN Newswire) - Shandong Luoxin Pharmacy Stock Co., Ltd. ("Luoxin Pharma" or the "Company", stock code: 8058), one of the leading PRC pharmaceutical enterprises, announced today its annual results for the year ended 31 December 2009 ("the year under review").
Benefited from the strong growth of the PRC pharmaceutical market, the Company recorded a sustainable growth during the year under review. Turnover increased by 35.9% to approximately RMB 907,453,000, the growth was mainly attributable to the introduction of high value-added products and strengthening of its product portfolio, as well as accelerating the development of sales network in order to increase the market share of its products. Profit attributable to shareholders grew by 46.6% to approximately RMB 268,550,000. Basic earnings per share were RMB 0.44, representing an increase of 46.6% over last year. The Board of Directors recommended the payment of final dividend of RMB 0.02 per share for the year ended 31 December 2009.
Mr. Liu Baoqi, Chairman of Luoxin Pharma, is pleased with the results and said, "during the year under review, the Company continued to capture the market opportunities arising from the PRC medical system reform. In light of the increasing demand in antibiotics and specialist medicine, we have placed additional efforts into the improvement of production capacity and technological standard, as well as strengthening sales network to increase market share, as a result of which the Company achieved strong business growth."
As at 31 December 2009, the Company's cash and cash equivalents amounted to approximately RMB 500,943,000, maintaining a healthy gearing ratio and cash flow.
During the year under review, Luoxin Pharma's brand remained strong in the market. In November 2009, the Company was recognized as Shandong "High and New Technology Enterprise" which has enabled the Company to enjoy the income tax concession rate of 15% for three years (from 2009 to 2011). Besides, "Luoxin" was honored as "Famous Chinese Trademark" by the State Administration for Industry and Commerce in April 2009. In the first list published by the financial magazine Forbes China in 2010, Luoxin Pharma was named for the third time as one of the Best Small and Medium-sized Enterprises (SMEs) with Highest Potential, moving up to rank 29th on the list. All these achievements affirmed the prestigiousness of the Luoxin Pharma brand.
Mr. Liu concluded, "With the increasing awareness of the Chinese government on the development of the pharmaceutical industry and of the medical insurance benefits among the Chinese citizen, it is expected that the reform on Chinese healthcare system will accelerate and thus providing enormous business opportunities to the pharmaceutical industry. The Company strives to capture the opportunities by strengthening our research and development capability, speeding up the establishment of our sales team and developing more high value-added products. In addition, the trading of the Company's sponsored ADR facility on OTCQX International, the US OTC market's highest tier, was commenced on 21 January 2010. As the first Chinese company to be traded on the OTCQX platform, it marks a significant milestone in the Company's corporate development. Through this platform, we hope to increase investor awareness on Luoxin Pharma and raise our stock's liquidity as well as enhancing the Company's corporate image and popularity. The management team is confident in maintaining steady business growth to bring satisfactory return to our shareholders going forward."
For the year ended 31 December
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2009 2008 Change
(RMB'000) (RMB'000)
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Turnover 907,453 667,792 +35.9%
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Gross profit 427,717 316,596 +35.1%
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Profit attributable 268,550 183,155 +46.6%
to shareholders
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Basic earnings per share RMB0.44 RMB0.3 +46.6%
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Gross profit margin 47.1% 47.4% -0.3 pts
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Net profit margin 29.5% 27.4% +2.1 pts
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Contact:
Ms. Kelly Fung
Tel: +852 3150 6763
Email: kelly.fung@pordafinance.com.hk
Ms. Samantha Yeung
Tel: +852 3150 6735
Email: samantha.yeung@pordafinance.com.hk
Fax: +852 3150 6728
Topic: Earnings
Source: Shandong Luoxin Pharmacy Stock Co., Ltd.
Sectors: Daily Finance, BioTech
https://www.acnnewswire.com
From the Asia Corporate News Network
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