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Simcere Pharmaceutical Group Reports Unaudited Third Quarter 2008 Results and Announces Share Repurchase
Date:11/6/2008

RMB87.0 million (US$12.8 million) for the third quarter of 2008, representing an increase of 44.4% as compared to RMB60.2 million for the corresponding period of 2007. For the first nine months of 2008, operating income was RMB284.3 million (US$41.9 million), an increase of 49.1% as compared to RMB190.7 million in the corresponding period in 2007.

Income tax expense for the third quarter of 2008 totaled RMB1.5 million (US$0.2 million) compared to an income tax credit of RMB0.3 million for the corresponding period of 2007. For the first nine months of 2008, income tax expense was RMB36.3 million (US$5.4 million) compared to an income tax benefit of RMB2.8 million for the first nine months of 2007. In addition to the overall increase in taxable income, the increased income tax expense in 2008 was primarily due to the expiration of tax holidays enjoyed by two PRC subsidiaries.

Net income was RMB91.2 million (US$13.4 million) for the third quarter of 2008, compared to RMB73.1 million in the corresponding period a year ago and representing growth of 24.7%. The Company's net income margin was 20.6% for the third quarter of 2008 compared to 22.6% for the third quarter of 2007. For the first nine months of 2008, net income was RMB298.4 million (US$44.0 million), an increase of 33.7% as compared to RMB223.2 million for the first nine months of 2007. Net margin for the first nine months of 2008 was 23.4% as compared to 23.0% for the first nine months of 2007.

Basic earnings per share for the third quarter of 2008 and the first nine months of 2008 were RMB0.73 (US$0.11) and RMB2.39 (US$0.35) respectively, and diluted earnings per share for the third quarter of 2008 and the first nine months of 2008 were RMB0.72 (US$0.11) and RMB2.37 (US$0.35) respectively. One American Depository Share (ADS) represents two ordinary shares. Basic earnings per ADS for the third quarter of 2008 and the first nine months of 2008 were RMB1.46 (US$0.21) and RMB4.77 (US$0.70) re
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SOURCE Simcere Pharmaceutical Group
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