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China Biopharmaceuticals Holdings Announces Third Quarter 2007 Financial Results
Date:11/23/2007

-- Revenues increase 65% to $8.6 Million for Q3 of 2007 versus $5.2 Million

for Q3 of 2006 -- Gross profit increases 102% to $2.6 Million for Q3 of 2007 versus $1.3

Million for Q3 of 2006

-- Announces Restructuring of $12.5 Million of Debt to Equity

BEIJING, Nov. 23 /Xinhua-PRNewswire/ -- China Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP), a leading Chinese pharmaceutical company focused on the development, manufacturing and marketing of innovative drugs in China (the ''Company''), today announced its results for the third quarter ended September 30, 2007.

Revenue for the three months ended September 30, 2007 increased 65% to $8.6 million compared to $5.2 million for the period ended September 30, 2006. The increase in revenues was attributable to the revenue growth of the Company's subsidiary Eyre Pharmaceutical Limited Company (''Erye''). Additionally, the Company did not realize quarterly revenue from Shenyang Enshi Pharmaceutical Limited Company (''Enshi''), as this subsidiary was returned to RimAsia Capital Partners. Management believes that recent industry developments in China have provided Erye a great opportunity to continue to grow its core business going forward.

Gross profit increased 102% for the three months ended September 30, 2007 to $2.6 million compared to $1.3 million for the same period in 2006. The gross profit margin for the three months ended September 30, 2007 was 30.5% compared to 25% for the same period in 2006.

Income from operations for the three months ended September 30, 2007 decreased to $135 thousand compared to $486 thousand for the same period in 2006. The decrease in operating profit was related to an increase in operating expenses from $2.48 million for the three months ended September 30, 2007 versus $807 thousand a year ago. The increase in these expenses was mainly attributable to new R&D initiatives, consultin
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SOURCE China Biopharmaceuticals Holdings, Inc.
Copyright©2007 PR Newswire.
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