First China Pharma Provides Guidance Regarding Fiscal 2010 Results Marketwire09:00am EDT
Focus: CBAK is best upside volatility in pre mkt….. Anticipating another pickup back above .60 on news with FCPG…ongoing support at .55……Reminder highly profitable….Recent acquistion news also. FCPG.OB First China Pharma Provides Guidance Regarding Fiscal 2010 Results Marketwire09:00am EDT ANX faded a little into dayend, however closed at 3.10.
First China Pharma Provides Guidance Regarding Fiscal 2010 Results Marketwire09:00am EDT
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HONG KONG–(Marketwire – 06/30/11) – First China Pharmaceutical Group, Inc. (OTC.BB:FCPG – News) (“First China” or the “Company”) is pleased to announce its unaudited results for the fiscal year ended March 31, 2011.
The Company’s net sales, including a full 12-month period of results from the Company’s wholly-owned operating subsidiary, Kun Ming Xin Yuan Tang Pharmacies Co. Ltd. (XYT), for the year ended March 31, 2011 was $29 million, up 12.8% from XYT’s net sales in fiscal 2009. Net income, including a full 12-month period of results from XYT, remained flat, $2.7 million for fiscal 2010 compared to $2.8 million for only XYT’s net income in fiscal 2009. Net income was down primarily due to significant costs associated with the acquisition of XYT.
Company Chairman and CEO Mr. Zhen Jiang Wang notes, “We are very pleased that we generated sales of $29 million, exceeding our target by $2 million. We continue to expand largely due to our superior distribution and logistics strategy which permits us to outperform our competitors. With the advent of government mandates spurring growth opportunities directly into our markets, combined with the influx of foreign investment recently accepted in the healthcare sector, we consider ourselves perfectly positioned to capitalize on these unique synergies and as such, are highly optimistic and confident of our future.”
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