For the year ended December 31, 2008, the company reported a net loss of RMB52.3 million, or RMB0.39 per share, compared to a net income of RMB165.65 million, or RMB1.31 per share, for the year ended December 31, 2007.
The company reported net revenues of RMB115.2 million for the fourth quarter of 2008, compared to RMB179.66 million in the fourth quarter of 2007. For the year ended December 31, 2008, the company posted net revenues of RMB451.03 million, compared to RMB596 million for the year ended December 31, 2007.
Xiaochun Wang, CEO and chairman of Tongjitang, said: “While we are disappointed with the ongoing decline in our year over year revenue, we are pleased at the initial improvements we made compared to the third quarter of 2008. In the fourth quarter, we continued the restructuring of our sales team for XLGB over-the-counter products.
“While we may face resistance in these efforts, we expect to improve the sales of XLGB and continue to grow thereafter. Our existing market position, diversified product portfolio, and branded products will drive our long-term growth, despite the challenges of the current macroeconomic environment and uncertainty with respect to potential regulatory changes in China’s healthcare industry.”