Tianjin Zhong Xin Pharmaceutical Group Corporation has recorded earnings of RMB661.7 million ($135.8 million) or 0.86 RMB cents per share for the FY2020 ended December, 6% higher than earnings of RMB625.6 million a year ago.
FY2020 revenue fell 6% y-o-y to RMB6.60 billion largely due to lower revenue brought in by the group’s Chinese medicine segment.
Gross profit for the year fell by some 13% y-o-y to RMB2.52 billion. Gross profit margin fell three percentage points to 38% in the same period.
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Marketing and distribution costs fell 20% y-o-y to RMB1.46 billion, in line with the lower revenue.
Research and development costs increased 12% y-o-y to RMB149.2 million in FY2020 due to higher outlay for research and development projects.
Administrative expenses dipped 1% y-o-y to RMB358.6 million on lower repair and maintenance expenses.
Finance costs in FY2020 plunged 66% y-o-y to RMB2 million in line with the lower borrowings.
Other losses for the year fell 39% y-o-y to RMB29.0 million due to lower impairment losses.
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As at end-December, cash and cash equivalents stood at RMB1.99 billion, 34% higher y-o-y.
For the FY2020, the group has proposed a dividend of RMB232.1 million or RMB3.0 for every 10 shares in the capital of the group, same as the year before.
Shares in Tianjin Zhong Xin closed 0.5 US cent lower or 0.6% down at 89 US cents on March 30.
