SINGAPORE (Oct 30): Tianjin Zhong Xin Pharmaceutical Group Corporation posts an 11% decline in earnings to RMB 82.0 million ($16.8 million) for the 3Q ended September, from RMB 91.6 million a year ago.
Revenue fell 14% to RMB 1.31 billion in 3Q17, from RMB 1.51 billion a year ago.
In a filing to SGX on Monday, the group did not elaborate on reasons for the decline.
Gross profit increased by 4% to RMB 501.8 million as gross profit margin improved to 36.5%, from 30.8% a year ago.
Marketing and Distribution costs in 3Q17 increased by approximately 10% to RMB 353 million, due mainly to an increase in sales promotion expenses.
Other gains fell 60% to RMB 7.5 million, while share of profit of associates dropped by 32% to RMB 19.3 million.
As at end September, cash and cash equivalents stood at RMB 1.13 billion.
The producer of traditional Chinese medicines, western medicines, and healthcare products says it is striving to strengthen its operations amid a competitive environment and continuing reforms to the pharmaceutical industry.
Measures include strengthening its marketing plans to increase the amount of industrial sales, focusing on research and development activities to enhance its core competitiveness in technology, and strengthening its internal controls and management.
Shares of Tianjin Zhong Xin closed 1 US cent lower at US$1.05 on Monday.
