Gross profit increased by 69% year-over-year to $3,799,354. As a result of GMP inspection, production had been temporarily suspended during the period ended March 31, 2010, and the company accrued a surplus of raw materials on hand for production.
China Pediatric Pharma has reported that in the quarter ended March 31, 2010, the net income increased by $679,050 or 86% year-over-year to $1,467,449 and earnings per share increased by $0.07 or 70% year-over-year to $0.17.
Jun Xia, chairman and CEO of China Pediatric Pharm, said: “We are very pleased with our first quarter results and while our sales and profit increased significantly we are confident we will be able to continue to increase sales by expanding our market share and increasing our brand recognition. Our product lines are becoming increasingly visible in pharmacies throughout China.”