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Selling expenses in the second quarter of 2012 rose to $4.2 million from $3.0 million in the same quarter of 2011, representing an increase of 37.1%. The increase was primarily due to higher expenses related to selling expenses associated with the placenta polypeptide products since late December 2011. Excluding the selling expenses associated with placenta polypeptide products, selling expenses for plasma products were in line with the increase of sales. As a percentage of total sales, selling expenses was 8.3% in the second quarter of 2012, slightly up from 7.3% in the second quarter of 2011.
General and administrative expenses in the second quarter of 2012 rose to $7.9 million from $7.7 million in the same quarter of 2011, representing an increase of 3.5%. The increase was mainly due to the hiring of several senior management team members during the second quarter of 2012. As a percentage of total sales, general and administrative expenses was 15.7% in the second quarter of 2012, down from 18.4% in the second quarter of 2011.
Research and development expenses in the second quarter of 2012 declined to $0.9 million from $1.2 million in the same quarter of 2011, representing a decrease of 23.7%. The decrease in research and development expenses was primarily due to the fact that several research and development projects that we are currently undertaking are still in their earlier stages and do not require substantial investments. As a percentage of total sales, research and development expenses for the three months ended June 30, 2012 and 2011 were 1.8% and 2.9%, respectively.
Income from operations in the second quarter of 2012 was $21.3 million, an increase of 23.7% from $17.2 million in the same quarter of 2011.
Interest expense decreased to $
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| SOURCE China Biologic Products, Inc. Copyright©2012 PR Newswire. All rights reserved |