China Baicaotang posted a net income of $4.03m, or $0.13 per diluted share, compared to $3.07m, or $0.10 per diluted share, for the same period in 2008. Operating income increased 21.9% to $5.9m, from $4.8m.
For the full year ended December 31, 2009, China Baicaotang has posted a net income of $19.4m, or $0.61 per diluted share, compared to $16.65m, or $0.52 per diluted share, for the year ago period.
Revenue was $136.08m for the 12 months, an increase of 24.9%, compared to $108.99m for the year ago period. Operating income increased 15.1% to $26.9m, from $23.4m in 2008.
For 2010, China Baicaotang plans to open an additional 160 pharmacy stores and expand the product portfolio which it manufactures to gain market share. In addition, China Baicaotang plans to invest in advanced logistics and information management systems and maximise its utilisation rate of Hefeng production capacity.
Hui Tian Tang, chairman and CEO of China Baicaotang, said: “We closed 2009 with solid results, achieving double-digit growth in revenue and net income. Our unique, vertically integrated business model combines manufacturing capabilities with the largest regional wholesale network in Guangxi and an extensive retail network position.
“We continue to focus on expanding our dominant position in second and third tier cities in Guangxi Province in order to take advantage of China’s $124.3bn universal healthcare bill, which targets rural areas.”