The company’s gross profit for the fourth quarter was $10.5m, an increase of 25.2% compared to $8.4m in 2009.
Lotus Pharma‘s revenues for the fiscal year ended 31 December 2010 were $72.7m, compared to $56.5m in 2009.
Net income for the year ended 31 December 2010 was $14.4m as compared to $16.4m for the year ended 31 December 2009, due to the reasons set forth above.
Operating income amounted to $14.5m for the year ended 31 December 2010 as compared to operating income of $18m for the previous year.
The company expects total revenue and profitability to be flat or slightly down in fiscal 2011 compared to 2010.
Specifically, management anticipates continued growth in retail business in 2011, driven primarily by growth in the over-the-counter (OTC) sales division.
Lotus Pharma chairman and CEO Zhongyi Liu said they entered the market for direct sales to OTC drugstores in Beijing in 2010 and have already experienced tremendous success, serving more than 1,000 OTC drugstores in addition to our own 10 stores.
"We expect this channel to continue being a major sales growth driver in the coming year. Construction of our Beijing facility continues to progress, and we anticipate significant efficiency improvements and additional capacity for growth once we move into the new building," Liu said.