Tianjin Zhong Xin Pharmaceutical Group posts 30% increase in Q1 net profit to 173.4m yuan

TIANJIN Zhong Xin Pharmaceutical Group Corporation has posted a net profit of 173.4 million yuan (S$36.4 million) for the first quarter ended March 31, up 29.6 per cent from the preceding year.

Earnings per share rose to 0.23 fen from 0.17 fen in the year-ago period, the group said in a Singapore Exchange filing on Friday evening.

Revenue for the group, which is involved in the manufacturing and sale of traditional Chinese medicine, expanded 9 per cent to 1.62 billion yuan from the year-ago period.

Other gains for the company in the first quarter stood at 23 million yuan, an increase of 34 per cent or approximately 5.8 million yuan over the year-ago period.

The increase was mainly due to reversal of allowance for impairment on other receivables, Tianjin Zhong Xin said.

Net asset value per share edged up to 6.03 yuan as at March 31, from 5.82 yuan three months ago.

No dividend has been declared for the quarter.

Separately, the company revealed on Friday that it is setting up an online conference on May 8 from 3pm to 430pm to provide shareholders with a more comprehensive understanding of the company's performance in FY2017.

Tianjin Zhong Xin chairman Li Li Qun will attend the conference together with general manager Yu Hong, chief financial officer Yan Min and company secretary Jiao Yan.

Tianjin Zhong Xin shares closed US$0.025 or 2.5 per cent higher at US$1.01 on Friday.