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BaWang Int'l reported widened loss of RMB 559 mln for 2011

Mar. 19, 2012 (China Knowledge) - BaWang International (Group) Holding Ltd<1338>, a Chinese herbal product manufacturer, said yesterday that it suffered a loss of RMB 559 million last year.

The net loss last year was more than the 118 million loss recorded in 2010, due to the continued effect of rumors released in July 2010 that its herbal shampoo was found to contain cancer-causing substance dioxane.

Losses per share were 19 RMB cents last year. The company's gross profit fell 62% year on year to RMB 345 million last year, with gross profit margin falling to 38.8% from 61.8% in 2010, due to an increase in provision for obsolete stocks.

BaWang International said that its turnover dropped 39.7% year on year to RMB 889 million in the year.

The Hong Kong-listed company said that it saw improvement in its performance in the second half of last year when its revenue rose 2.1% from the first half to RMB 449 million and its loss narrowed to RMB 264 million from RMB 295 million in the first half.

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