Profit Attributable to Shareholders Surged 55.7% to Approximately RMB 277,563,000
HONG KONG, Nov. 9, 2010 /PRNewswire-Asia/ -- Shandong Luoxin Pharmacy Stock Co., Ltd. (“Luoxin Pharma” or the “Company”, stock code: 8058), one of the leading PRC pharmaceutical enterprises, announced its results for the nine months ended 30 September 2010 (“the period under review”) today, recording a satisfactory growth in turnover and profit attributable to shareholders.
During the period under review, the Company’s turnover rose 37.9% year-on-year to approximately RMB901,779,000, while gross profit increased 56.3% to approximately RMB481,927,000. Profit attributable to shareholders surged 55.7% to approximately RMB227,563,000. These increases were attributable to the Company’s change in sales mix in which more new products were launched during the period under review. Basic earnings per share were RMB46 cents, representing an increase of 58.6% over the corresponding period in 2009. The board of directors does not recommend the payment of a dividend for the nine months ended 30 September 2010.
Mr. Liu Baoqi, Chairman of Luoxin Pharma, was pleased with the results and said, “Riding on the strong growth momentum and favorable business environment in the pharmaceutical industry, we continued to strengthen our research and development and enhance production and distribution capabilities to increase the market share, which in turn achieved strong business growth.”
As at 30 September 2010, the Company’s cash and cash equivalents amounted to approximately RMB567,570,000, representing a stable financial position.
During the period under review, the Company maintained a strong market position. In the 60th anniversary of the foundation of People’s Republic of China, the Company was rated by Shandong Pharmaceutical Profession Association as an “Honorable Enterprise” in the pharmaceutical industry of Shandong Province. In addition, the Company was awarded as an “Advanced Private Enterprise” by Shandong Provincial People’s Government, which suggested a remarkable growth with the Company’s overall corporate strength. Furthermore, “Jin Xin – Ambroxol Hydrochloride for Injection”, a product of the Company, is included in the National Key Sci-Tech Special Project “Technological Transformation of Major Drug Categories” under the 2011 Twelfth Five-Year Plan of “Key New Drug Creation and Manufacturing”. The Company ranked first in “Linyi Mayor’s Quality Award” in 2010 while the general manager of the Company Li Minghua was awarded the “2010 Top Science and Technology Award of Linyi City”.
Subsequent to obtaining the approval for the establishment of Shandong Lyophilized Power Injection Pharmaceutical Engineering Technology Research Centre, the Company was recognized as an “Industrial Model Enterprise in the National Integrated Platform for New Pharmaceutical Research, Development and Technology (Shandong)” and “Shandong Province’s Second-Batch of Innovative Pilot Enterprises”. The Company was also granted the approval for the establishment of “Postdoctoral Research Workstation”.
Mr. Liu Baoqi concluded, “Looking ahead, we aim to build “Luoxin” into a globally outstanding pharmaceutical brand by strengthening our product research and development, and enhance the brand recognition and competitiveness by expanding our network. After launching higher value-added products, we are confident that the Company is able to maintain a steady business growth and generate satisfactory returns for our shareholders”.
About Shandong Luoxin Pharmacy Stock Co., Ltd.
Luoxin Pharma has been listed on the GEM of the Stock Exchange of Hong Kong Limited since 9 December 2005. The Company was recognized as one of the “Top Ten Pharmaceutical Enterprises with Growth Potential” and named as one of the “Top 100 Pharmaceutical Companies in China” since 2006. It was also selected on the “List of Small and Medium-sized Enterprises in China with Most Potentials” by Forbes for three consecutive years. The Company is principally engaged in the development, manufacturing and sale of different types of prescription and OTC (over-the-counter) medicines in 4 major categories: (1) antibiotics, including Cephalosporines antibiotics, Quinolones antibiotics and Macrolides antibiotics; (2) anti-viral medicines; (3) system-specific medicines, including digestive system medicines, cardiovascular system medicines and respiratory system medicines; (4) other chemical medicines, including Antineoplastic medicines. The Company’s production facilities are located in the High and New Technology Experimental Zone, Linyi, Shandong Province, the PRC, and has obtained all required production permits as well as GMP certification. Its sales and marketing networks cover 27 provinces and 4 municipalities in the PRC.
Issued by Porda International (Finance) PR Group for and on behalf of Shandong Luoxin Pharmacy Stock Co., Ltd. For further information, please contact:
Ms. Helen Chung Tel: +852 3150 6730 helen.chung@pordafinance.com.hk
Ms. Kelly Fung Tel: +852 3150 6763 kelly.fung@pordafinance.com.hk
Ms. Sumie Chan Tel: +852 3150 6752 sumie.chan@pordafinance.com.hk
Fax: +852 3150 6728
