Iron Proteinsuccinylate Oral Solution
Hong Kong, May 15, 2009 AEST (ABN Newswire) - Lee's Pharmaceutical Holdings Limited's (HKG:8221) today announced its unaudited consolidated results for the three months ended 31 March 2009 (the "period under review").
As an integrated research-driven and market-oriented pharmaceutical group in China, Lee's Pharmaceutical continued to benefit from the increasing sales of all products especially Iron Proteinsuccinylate Oral Solution which achieved the highest increment of 288%. During the period, the Group achieved a revenue of approximately HK$33.0 million, representing a 46.7% growth compared with the same period of last year.
The Group recorded solid results during the period under review, keeping pace with the growth momentum of 2008. Gross profit increased to approximately HK$23.6 million and profit attributable to shareholders surged by 86.1% to approximately HK$ 7.8 million. During the period under review, the gross profit margin of the Group increased from 70.7 % in 2008 to 71.4% in 2009. This improvement was mainly due to the decrease in cost of Carnitene(R).
In March 2009, the Group successfully concluded a license agreement with a premium Japanese pharmaceutical company, Nippon Shinyaku Co. Ltd. (TYO:4516) for the pharmaceutical product containing antibacterial agent "Prulifloxacin" for the treatment of urinary tract infections and respiratory tract infections.
Commenting on the Group's outstanding performance, Dr. Benjamin Li, CEO of the Group said, "Riding on the growth momentum of 2008, the Group was able to achieve satisfactory results during the period under review. The Group entered into cooperation with Nippon Shinyaku Co., Ltd. which represents a significant breakthrough in the Group's corporate development. With our renowned brand and abundant experiences in China, Lee's Pharmaceutical becomes a preferred partner in China for the worldwide research-based pharmaceutical companies, making it possible for us to further strengthen our pipeline and maintain our rapid growth."
Dr Li continued, "Both Veloderm(R) and Challenger balloon, our license-in products, are entering the final stage of registration. Their import licenses are expected to be granted in the coming quarters. These products will offer new growth opportunities for us and enhance our sustainability. Looking ahead, we are confident that the sales of all existing products will sustain in current rapid growth trend, bringing desirable returns to our shareholders."
Financial Highlight (For the three months ended 31 March)------------------------------------------------------ 2009 2008 Change (HK$'000) (HK$'000) (%)------------------------------------------------------Turnover 33,035 22,513 +46.7%Gross Profit 23,602 15,918 +48.3%Gross Profit Margin 71.4% 70.7% +0.7%ptProfit Attributable to Shareholders 7,802 4,193 +86.1%Earnings per Share(Basic) HK1.88cents HK1.01cents +86.1%------------------------------------------------------
Contact
Porda International (Finance) P.R. Company Limited
Keely Chan
Tel: +852-3150-6760/ +852-9770-2950
keely.chan@pordafinance.com.hk
Alman Loong
Tel: +852-3150-6731/ +852-9107-8225
alman.loong@pordafinance.com.hk
Liz Yip
Tel: +852-3150-6739/ +852-9497-1685
liz.yip@pordafinance.com.hk
Fax: +852-3150-6728
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