Our income tax expense decreased by 34.5% to RMB3.4 million (US$0.5 million) in 2007 from RMB5.2 million in 2006 and our effective tax rate was 4.0% in 2007 as compared to 14.6% in 2006, which was primarily attributable to tax rebate from reinvestment of retained earnings in a subsidiary of RMB2.7 million, as well as more interest income earned from IPO proceeds held by 3SBio Inc, incorporated in Cayman Islands, that was not subject to tax.
Net Income. As a result of the foregoing, our net income increased by 152.2% to RMB17.9 million (US$2.5 million) in the fourth quarter 2007 from RMB7.1 million for the same period in 2006.
Our net income increased 167.4% to RMB81.5 million (US$11.2 million) in 2007 from RMB30.5 million in 2006.
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth above is preliminary and subject to adjustments and modifications. The audit of the financial statements and related notes to be included in our annual report on Form 20-F for the year ended December 31, 2007 is still in progress. Adjustments and modifications to the financial statements may be identified during the course of this audit work, which could result in significant differences from this preliminary unaudited financial information.
Currency Convenience Translation
For the convenience of readers, certain RMB amounts have been translated into US dollars at the rate of RMB7.2946 to US$1.00, the noon buying rate for US dollars in effect on December 31, 2007 for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York.
Fourth Quarter 2007 Business Highlights
Pipeline. We continued to make progress across our development pipeline
during the f
|SOURCE 3SBio Inc.|
Copyright©2008 PR Newswire.
All rights reserved