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news.Lotus Pharmaceuticals, a developer and producer of drugs and a licensed national seller of pharmaceutical items in the People's Republic of China (PRC), has reported net revenues of $12.92m for the first quarter ended 31 March 2011, a decrease 12.4%, as compared to $14.75m for the same period in 2010.
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The company has reported a net income of $2.24m, or $0.08 per diluted share, compared to net income of $4.93m or $0.18 per diluted share, for the same period last year.
The company’s income from operations was $2.25m, as compared to $5.32m for the same period prior year.
Gross profit for the first quarter was $6.2m, a decrease of 27.7% compared to $8.5m in the first quarter of 2010.
Lotus chairman and CEO Zhongyi Liu said while their first quarter results were impacted by changes in their wholesale segment, their retail sales continue to outperform with 29.1% growth versus the same period in 2010.
"The substantial increase in the retail segment was driven by our Over-the-Counter Drug Division’s sales force," Liu said.