30th Sep 2015 11:13
LONDON (Alliance News) - Taihua PLC Wednesday reported a swing to a pretax profit for the first half of 2015, driven by better sales of its prescription only traditional Chinese medicine products.
Taihua develops and sells pharmaceuticals products, and produces active pharmaceutical ingredients, including raw materials for the traditional Chinese medicine industry.
For the half year to end-June the company reported a pretax profit of CNY1.2 million, swung from a pretax loss of CNY423,000 a year before, as revenue rose to CNY5.4 million from CNY4.3 million.
The company sells its harvest of forsythia, a plant used in Chinese herbology, in the second half of the year. It said that at the end of the half year trade debtors generated from forsythia sales were CNY49.7 million, and around CNY20 million in cash has been received by forsythia customers following the period end. It noted that it is aware growing conditions in 2015 were poor due to frosts during the key flowering period, and harvest is likely to be "significantly effected."
Shares in Taihua are untraded Wednesday morning. It last closed at 1.99 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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