China-Biotics Q3 net income increase to $5.67m

China-Biotics, a manufacturer of probiotics products, has reported a net income of $5.67m, or $0.22 per diluted share, for the third quarter ended December 31, 2008, compared to $4.04 million, or $0.23 per diluted share, in the same quarter of fiscal 2008.

For the third quarter of fiscal 2009, net sales increased 32.5% to $15.8m from $11.9m in the same quarter of fiscal 2008.

Net sales for the first nine months of fiscal 2009 were $38.7m, up 32.2% from $29.3m in the same period of fiscal 2008. Net income was $13.4m, or $0.59 per diluted share, up from $9.6m, or $0.55 per diluted share, in the same period of fiscal 2008.

Jinan Song, chairman and CEO of China-Biotics, said: We again achieved solid sales and profit growth during the third quarter, as our bulk additives and retail expansion strategies continued to generate strong results. During the quarter, we continued to balance current demand against future sales growth, adjusting our product pricing to maximize production capacity. We focused on fine-tuning our Shining retail outlet operations, closing one unproductive location and two sites where the Shanghai government is engaged in urban redevelopment.