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China Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2014
Date:11/14/2013

outweighed higher raw material costs. Gross margin was 80.7%, compared to 78.9% in the prior year period.

OPERATING INCOME. Operating income for the second quarter increased 19.7% to RMB56.3 million ($9.2 million) compared to RMB47.0 million in the prior year period. Operating margin improved to 39.7% from 36.6% in the prior year period as a result of higher gross margin and effective cost controls. Depreciation and amortization expenses for the second quarter were RMB8.7 million ($1.4 million), compared to RMB8.3 million in the prior year period.

Research and Development Expenses. Research and development expenses, which have been stable in the last few quarters, were RMB2.3 million ($0.4 million).

Sales and Marketing Expenses. Sales and marketing expenses for the second quarter amounted to RMB27.6 million ($4.5 million), compared to RMB23.5 million in the prior year period. The increase in sales and marketing expenses continued to correlate with the increase in revenue. Aside from higher staff costs, additional expenses were incurred for the marketing effort in preparation for the large scale Zhejiang market launch. However, management continued to monitor sales and marketing expenses and maintained consistent level of cost efficiency through cost cutting and prudent spending. As a result, sales and marketing expenses as a percentage of revenue decreased to 19.5% of revenues from 22.1% in the first quarter of the current fiscal year.

General and Administrative Expenses. General and administrative expenses were stable at RMB28.0 million ($4.6 million), compared to RMB29.0 million in the prior year period and RMB27.4 million in the first quarter of fiscal 2014. As a percentage of revenue, general and administrative expenses decreased to 19.8% compared to 22.6% in the prior year period and 21.3% in the first quarter of fiscal 2014.

OTHER INCOME AND EXPENSES

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SOURCE China Cord Blood Corporation
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