General and Administrative Expenses. General and administrative expenses were RMB22.5 million ($3.5 million), compared to RMB19.5 million in the prior year period. General and administrative expenses as a percentage of revenue dropped to 25.7% as compared to 27.1% during the prior year period, as a result of effective cost control measures and strong revenue performance which led revenue growth to outpace general and administrative expenses growth.
OTHER INCOME. The Company received dividend income of RMB7.2 million ($1.1 million) in the first quarter of fiscal 2012 from the investment in Shandong Cord Blood Bank, in which the Company has accounted for the investment under cost method.
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS. Aside from the solid growth in operating income and the first-time dividend income from Shandong Cord Blood Bank, the Company also recorded a discrete tax benefit of RMB10.2 million ($1.6 million) pursuant to the award of preferential tax treatment for the Company's Guangdong subsidiary in June 2011, which is effective retroactively from January 1, 2010. As a result, net income attributable to shareholders for the first quarter of fiscal 2012 rose 127.6% to RMB40.0 million ($6.2 million) from RMB17.6 million for the prior year period. Net margin for the first quarter of fiscal 2012 was 45.8%. Basic earnings per share for the first quarter of fiscal 2012 were RMB0.53 ($0.08).
LIQUIDITY. As of June 30, 2011, the Company had cash and cash equivalents of RMB643.1 million ($99.5 million) as compared to RMB611.4 million as of March 31, 2011. The Company had bank loan borrowing of RMB45.0 million ($7.0 million) as of June 30, 2011.
"We are p
|SOURCE China Cord Blood Corporation|
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