Tianjin Zhong Xin Pharmaceutical's earnings drop 12% to 352.3m yuan
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TRADITIONAL Chinese medicine group Tianjin Zhong Xin Pharmaceutical Group Corporation Ltd registered a 12 per cent year-on-year fall in net profit, from 399.9 million yuan (S$69.1 million) to 352.3 million yuan for the financial year ended Dec 31, 2013.
The decrease came mainly from the disposal of a subsidiary, Tianjin Central, and a decrease in share of profits from an associated company, Tianjin Smithkline & French Lab Ltd, compared to the corresponding period in FY2012. Excluding the impact of Tianjin Central and Tianjin Cinorch, operating profit of the group (excluding investment income) increased by 88 million yuan, or 41 per cent compared to the corresponding period in FY2012.
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