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Tianjin Zhong Xin Q3 net profit down 8%

THIRD-QUARTER earnings for Tianjin Zhong Xin Pharmaceutical Group sank 8 per cent to 83.3 million yuan (S$17.1 million) from the previous year.

For the three months ended Sept 30, revenue fell 14 per cent to 1.31 billion yuan from a year ago, the group said in a Singapore Exchange filing on Monday evening.

Tianjin Zhong Xin did not explain in its results statement the reasons behind the fall in both revenue and net profit. It said, however, that it is taking a few measures to strengthen its operations in light of the challenging economic conditions in recent years.

These include boosting its marketing plans to increase the amount of industrial sales, focusing on research and development activities to enhance its core competitiveness in technology, and strengthening its internal controls and management.

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"The board believes that with the above measures, the company is using its best efforts to improve its operations, so as to continually gear the company towards greater scientific progress and development," it added.