SINGAPORE (April 28): Tianjin Zhongxin Pharmaceutical reported a 12% rise in 1Q earnings to RMB 133.7 million ($27 million) from a year ago.
Revenue fell 11% to RMB 1.5 billion but gross profit margin increased to 37.4% from 31.6%.
Other gains came in at RMB 17 million, an increase of 28% over the previous corresponding period. The increase was mainly due to returns from short-term investments and government bonds.
The group’s share of profits of associates was RMB 38 million, 1% lower over the corresponding period.
In light of the challenging economic conditions in recent years, the company plans to place greater emphasis on innovation and creation and focus on R&D.
Shares of Tianjin Zhongxin closed at 95 cents.
