29th Mar 2019 13:24
LONDON (Alliance News) - Chinese healthcare investor Cathay International Holdings Ltd on Friday reported a swing to a loss in 2018 in a "challenging year" when the company dealt with strategic and regulatory changes.
In 2018 Cathay International sank to a pretax loss of USD16.4 million from a USD2.1 million profit in 2017. The company attributed the swing on lower pharmaceutical and cosmetic product sales.
Cathay International's revenue decreased 27% to USD84.3 million from USD115.3 million.
At December 31, Cathay International's net asset value stood at USD0.31 per share compared to USD0.39 the year before, a 21% decrease. The company's net assets decreased 22% in the same period to USD117.1 million from USD150.4 million at the end of 2017.
"The group has made a number of strategic changes and implemented new initiatives in order to address the current economic climate and regulatory challenges in China. We are optimistic that these changes will, over-time, have a positive impact and see the group return to sustainable growth. As always, I would like to thank our shareholders, whose support throughout these challenging times is greatly appreciated," said Chief Executive Lee Jin-Yi.
Shares in Cathay International were untraded Friday at 7.50 pence each.
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