Profit Attributable to Shareholders Surged 66.4% to Approximately RMB 85,582,000
HONG KONG, Aug. 5 /Xinhua-PRNewswire/ -- Shandong Luoxin Pharmacy Stock Co., Ltd. (HKEx: 8058), announced its unaudited interim results for the six months ended 30 June 2008.
The Company's turnover increased 36.3% to approximately RMB308,095,000, while gross profit rose 49.4% to approximately RMB149,826,000. Profit attributable to shareholders increased 66.4% to approximately RMB 85,582,000 and earnings per share also rose 66.4% to approximately RMB14.04 cents.
As at 30 June 2008, the Company's cash and cash equivalents amounted to approximately RMB55,744,000. The gearing ratio recorded 4.98%, reflecting a very healthy financial position.
Chairman of Luoxin Pharmacy, Mr. Liu Baoqi said, "The Company has been actively expanding its business and putting more resources to enlarge the production capability and improve technologies in order to speed up R&D of new products. Meanwhile, we are devoted to promoting high value-added products and accelerating the building of sales network to increase market share. All of these triggered the growth of our turnover."
During the period under review, the Company announced entering an the agreement with Qilu Medical Investment Management Limited ("Qilu") in regard to the acquisition of 20% equity interest in Qilu. The Company believes that its industry chain connection will be further enhanced by strengthening the advantage of integrating R&D, production and sales of pharmaceuticals through the acquisition.
Since 2008, Luoxin Pharmacy has obtained approvals for seven of its products from the State Food and Drug Administration of China which further strengthened the Company's product portfolio. The Company expects to obtain ewquired approvals for another 25 of its products soon and it plans to launch 20 more new products this year.
In order to capture the huge market opportunity in the pharmaceutical industry, the Company's phase three capacity expansion plan has been completed and put into production.
Mr. Liu concluded, "Looking forward, we will further expand the capacity of the raw material medicines in order to enhance the profitability of the Company. We will also develop more high value-added products to strengthen our product portfolio as well as reinforce our sales by continuous expansion of sales network."
For further information, please contact:
Porda International (Finance) PR Group
Ms. Kelly Fung
Tel: +852-3150-6763
Ms. Susanna Ho
Tel: +852-3150-6755
