Luoxin Pharma Announces 2009 Annual Results
Profit Attributable to Shareholders Surged 46.6% to Approximately
RMB268,550,000
Launched High Value-added Products and Strived to Increase Market Share
Financial Highlights
For the year
ended 31 December
2009 2008 Change
(RMB'000) (RMB'000)
Turnover 907,453 667,792 +35.9%
Gross profit 427,717 316,596 +35.1%
Profit attributable to
shareholders 268,550 183,155 +46.6%
Basic earnings per share RMB0.44 RMB0.3 +46.6%
Gross profit margin 47.1% 47.4% -0.3 pts
Net profit margin 29.5% 27.4% +2.1 pts
HONG KONG, March 23 /PRNewswire-Asia/ -- 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").
Benefiting from the strong growth of the PRC pharmaceutical market, the Company recorded 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 a 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 concerning the development of the pharmaceutical industry and of the medical insurance benefits among the Chinese citizens, it is expected that the reform of the Chinese healthcare system will accelerate and thus provide 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, 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 of 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 returns to our shareholders going forward."
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 honored as one of the 200 "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:
For more information, please contact:
Ms. Kelly Fung
Tel: +852-3150-6763
Email: [email protected]
Ms. Samantha Yeung
Tel: +852-3150-6735
Email: [email protected]
Fax: +852-3150-6728
SOURCE Shandong Luoxin Pharmacy Stock Co., Ltd.
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