27th Jun 2014 15:41
LONDON (Alliance News) - Taihua PLC Friday said its pretax profit increased in 2013 as revenues jumped due to strong production of its Forsythia plant medicines.
The traditional Chinese medicine ingredients company said its pretax profit increased 14% to CNY3.3 million from CNY2.9 million the previous year as revenues jumped 33% to CNY52.3 million from CNY39.2 million.
The company said its revenues increased as tonnage sold of its Forsythia product increased to 1,528 tonnes from 940 tonnes, offsetting a reduction in the revenues from its Bian Tong Pian and Paclitaxel API products.
However, Taihua also said its cost of sales increased and its selling expenses increased, reducing some of its profits.
The company said its cash and cash equivalents at the end of 2013 fell to CNY34.5 million from CNY39.3 million, due to the increase in Forsythia sales, which are harvested and sold close to the year end and as such are largely in trade receivable at the end of 2013.
Taihua shares closed up 2.5% at 4.49 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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