China Pharma identifies, discovers, develops, manufactures and distributes both over-the counter and prescription, including both conventional and Traditional Chinese Medicines, pharmaceutical products for the treatment of some of the most common ailments and diseases.
China Pharma net income was $1.54m, a decrease of 14%, compared to $1.8m for the prior year period. Gross profit increased 53% to $4.23m, compared to $2.76m for the same quarter in 2009.
China Pharma said that the operating income for the first quarter decreased by 3% to $2.11m from $2.18m for the year ago period, due to an increase in selling and general administrative expenses that were a factor in driving the increase in sales for the period.
Guozhu Wang, chairman and CEO of China Pharmaceuticals, said: “We are focused on continuing to expand our portfolio of high margin products that address major disease categories and on continuing to build sustainable growth in revenues and profits.
“Fiscal 2010 is expected to be a transitional year for the company as we prepare for the introduction of new drugs and pursue additional opportunities for both organic growth and potential strategic acquisitions. We remain very confident regarding our future growth prospects and look forward to sharing further details with our shareholders as our expansion plans reach a definitive stage.”