China Biopharmaceuticals Holding Inc. (OTCBB: CHBP) focuses on the discovery, development, manufacturing and marketing of pharmaceutical products in the People’s Republic of China. Today the company announced its first quarter results for the period ended March 31, 2008.
China Biopharmaceuticals posted first quarter revenue at $10.9 million, up 78 percent from $6.1 million last year. The company attributes the increase to the rise in price and sales of its raw material drugs at its main manufacturing plant, Erye; the revamped medical insurance system in China, promoting Erye’s drugs; and the increased price of freeze-dried drugs.
Net income was $492,076 for the first quarter of 2008, up $669,869 from the loss of $177,793 for the same period last year. Madame Zhang Jian, chairwoman and CFO of China Biopharmaceuticals, said the company’s marketing strategy and its high-margin product line helped boost first quarter revenue. The company intends to continue its active pursuit of growth and expansion opportunities, which it believes can be achieved with internal growth and acquisitions.
“We are extremely pleased to report a healthy quarterly profit and strong cashflow on record revenues,” Jian stated in the press release. “We have made huge strides in overcoming the Enshi problems and getting back to focusing on building a successful business. Going forward we intend to build upon the momentum established during the first quarter of 2008 to have a very strong performance for the rest of the year.”
“We anticipate that our internally generated financial resources are sufficient to provide for our organic growth. These are the keys to creating a very valuable enterprise for our shareholders. We are looking forward to new opportunities of growth and opportunities in the pharmaceutical manufacturing and stemcell fields,” Chris Mao, CEO of China Biopharmaceuticals stated.
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