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news.Bohai Pharmaceuticals, a China-based pharmaceutical company engaged in the manufacturing, production and distribution of Traditional Chinese Medicine (TCM) in China, has reported revenues of $17m for the first quarter ended 30 September 2010, an increase of 22%, compared to $14m for the comparable period in 2009.
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Bohai Pharma has posted a net income of $3m for the first quarter 2010, or $0.15 per diluted share, compared to net income of $1.9m, or $0.15 per diluted share, for the comparable period in 2009.
Bohai Pharma chairman, president and CEO Hongwei Qu said that during the quarter, they recognised double digit top line growth by focusing their marketing efforts on their lead products while at the same time continuing the roll out of their five new TCM products.
"We were also able to cut administrative costs, allowing us to boost net income by 57% compared to the same period last year," Qu said.
"We look forward to making further progress with our sales initiatives as we continue to take advantage of the Chinese government’s growing support of the TCM industry through the implementation of its new healthcare policies."