Drug firms report Q1 profit surge

Business | Tereza Cai 22 May 2019

Blue-chip CSPC Pharmaceutical (1093) and Sino Biopharmaceutical (1177) both announced first-quarter net profit surged more than 20 percent from a year ago.

Net profit of CSPC Pharmaceutical rose 28.8 percent year-on-year to 951.83 million yuan (HK$1.08 billion) during the first three months.

Revenue rose 25.6 percent from a year ago to 5.49 billion yuan, boosted by finished drug business which reached 4.25 billion yuan revenue for the period, up 33.7 percent year-on-year, while the revenue of Vitamin C business fell 4.5 percent to 523.61 million yuan.

Antibiotics business revenue rose 8.1 percent year-on-year to 346.94 million yuan and other revenue grew 14.3 percent to 377.69 million yuan.

Zhang Cuilong, an executive director of the company, has been appointed as vice-chairman and rotating chief executive.

Meanwhile, Sino Biopharmaceutical reported that its underlying net profit for the first three months rose 22.4 percent year-on-year to 976.38 million yuan, while declaring a quarterly dividend of 2 HK cents per share.

Excluding the adjustments related to the acquisition of 24 percent interest in Beijing Tide, and unrealized fair value gains and losses of equity investments and financial assets, net profit for Sino Biopharmaceutical was 856.7 million yuan, up 11.1 percent from a year ago.

Revenue jumped 33.4 percent year-on-year to 6.21 billion yuan for the first quarter this year.

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