CSPC slides as much as 10.8pc after Q1 profit drop

CSPC Pharmaceutical Group (1093) once fell as much as 10.8 percent after reporting a 41.8 percent year-on-year drop in first-quarter net profit to 860 million yuan (HK$993 million).

The stock hit HK$6.64 at one point and traded at HK$7.01, down 5.78 percent, as of 3pm, with turnover of more than HK$1.8 billion.

The company said the year-on-year decline was primarily due to higher licence fee income recorded in the same period last year.

Revenue decreased 7.8 percent to 6.47 billion yuan, while revenue from the finished drugs business fell 5 percent to 5.22 billion yuan.

Effie Zhang

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