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| Turnover Jumps 7 Times With Turnaround in Net Profit |
HONG KONG, June 27, 2011 - (ACN Newswire) - Hua Xia Healthcare Holdings Limited ("Hua Xia Healthcare", (the "Company", or collectively "the Group" together with its subsidiaries; SEHK: 8143) today announced its (audited) annual results for the year ended 31 March 2011.
The Group managed a turnaround and achieved a revenue increase for the year ended 31 March 2011 attributable to vigourous growth in turnover with the strong sales from pharmaceutical wholesale and distribution and pharmaceutical retail chain business in the PRC last year. During the year under review, the Group's turnover amounted to approximately HK$1,490.9 million (2010: approximately HK$179.8 million), representing a year-on-year rise of 729%.
Gross profit was approximately HK$189.6 million (2010: approximately HK$64.4 million). Net profit attributable to the owners of the Company was approximately HK$31.5 million in comparison with the net loss of approximately HK$211.283 million. Excluding the loss on early redemption of promissory note and the gain on disposal of subsidiaries, the operating profit for the year would have been HK$ 78.985 million.
Basic earnings per share were HK$3.03 cents. (2010: basic loss per share of approximately HK$43.5 cents).
- Pharmaceutical wholesale and distribution and pharmaceutical retail chain business
The Group's pharmaceutical retail chain operation is the leader within Fujian Province in terms of the size of pharmaceutical retail chain network and overall competitiveness. Turnover contributed by the pharmaceutical wholesales and distribution retail chain business in Fujian Province for the year ended 31 March 2011 was approximately HK$1,375.4 million (from 8 March to 31 March 2010: approximately HK$52.9 million).
- General hospital and health and hospital management services
Total turnover contributed by the general hospital and healthcare management services business for the year ended 31 March 2011 was approximately HK$115.4 million (2010: approximately HK$ 126.9 million). As at 31 March 2011, the Group operates two general hospitals in Chongqing and Jiaxing cities and manages one general hospital in Zhuhai city. The Group also provides healthcare management and training and consultancy services for hospitals.
Mr Yung Kwok Leong, Chairman and CEO of Hua Xia Healthcare, commented, "During the year under review, we have seen the further strengthening of our general hospital operations in competiveness. The acquisition of Huihao Medicine Wholesale Group in March 2010 has significantly improved the Group's sales and distribution penetration in a field characterised by rapid market growth. The Group is pleased with the outcome of drug distribution tendering in 2010 in Fujian Province and has clearly demonstrated the advantages and competitiveness of its well-established sales network in the region".
Future Prospects
The management in the 2011/2012 fiscal year will continue to rely on its two core businesses, general hospital operations and pharmaceutical products, for growth potential.
As the final year of the three-year reform plan, 2011 is a critical year for the healthcare reform in the PRC. With the Group's effective market positioning, its hospitals are expected to benefit from the outcomes of healthcare reform in the PRC, especially based on its solid development of hospital management systems and well-trained professionals. At the same time, the Group plans to further enhance the cost efficiency of its hospitals to maximise profitability.
"Looking ahead, we are optimistic about 2011 and with the strong growth trend, we hope to bring the Company to a new high standard in the PRC's healthcare industry. The Group plans to actively explore further development opportunities made available by the healthcare reform and the first year of the new 12th Five Year Plan, thereby enhancing shareholder value in the coming years", Mr Yung concluded.
Contact:
Strategic Financial Relations Limited
Esther Chan
Tel: (852) 2864 4825
esther.chan@sprg.com.hk
Joanne Lam
Tel: (852) 2864 4816
joanne.lam@sprg.com.hk
Angela Ng
Tel: (852) 2864 4855
angela.ng@sprg.com.hk
Samantha Yeung
Tel: (852) 2114 4953
samantha.yeung@sprg.com.hk
Website: www.sprg.com.hk
Topic: Earnings
Source: Hua Xia Healthcare Holdings Limited
Sectors: Daily Finance, BioTech
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From the Asia Corporate News Network
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