As the markets trended back to a more normalized birth level after the "Year of the Dragon", the increased pricing, which was introduced during the quarter, helped to offset the impact of the reduction in new subscriber numbers; as such, revenues generated from processing fees increased RMB2.5 million ($0.4 million) from RMB86.9 million in the prior year period to RMB89.4 million ($14.6 million) in the first quarter of fiscal 2014.
Gross profit for the first quarter of fiscal 2014 increased by 14.6% to RMB104.2 million ($17.0 million) with gross margin expanding to 81.0% from 78.9% in the prior year period. The strength in gross profit and gross profit margin were driven by the rising contribution from storage fees and higher pricing, which offset a modest increase in labor cost.OPERATING INCOME. The healthy increase in revenue and gross margin improvement helped to fuel the growth in operating income, and at the same time, to sustain the Company's ongoing marketing and promotional expenses. Operating income for the first quarter of fiscal 2014 increased to RMB45.9 million ($7.5 million), representing a solid operating margin of 35.6%, in line with management expectations. Depreciation and amortization expenses for the first quarter were RMB8.6 million ($1.4 million), compared to RMB7.9 million in the prior year period.
Research and Development Expenses. Research and development expenses increased to RMB2.5 million
SOURCE China Cord Blood Corporation
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