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Shanghai Pharma forecasts 40% drop in Q1 net profit

Apr. 12, 2012 (China Knowledge) - Shanghai Pharmaceuticals Holding Co Ltd<601607><2607>, announced yesterday that it expected its net profit to fall about 40% year on year in the first quarter of this year, due to a high comparison boosted by a one-time gain in the same period of 2011.

In the first quarter of 2011, the company's net profit was RMB 849 million, and basic earnings per share were RMB 0.43.

Shanghai Pharmaceuticals earlier reported a net profit of RMB 2.04 billion for 2011, 40.24% more than in 2010.

Operating revenue grew 41.78% year on year to RMB 54.9 billion last year, of which RMB 46.53 billion was generated by medicine distribution business, up 57.08% year on year.

The pharmaceutical manufacturing sector realized RMB 9.09 billion of revenue last year, 8.47% more than in the previous year.

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