NANTONG CITY, China, Sept. 23 /PRNewswire-Asia-FirstCall/ -- Sinobiopharma, Inc. ("Sinobiopharma" or the "Company") is pleased to report financial highlights from the audited financial results for the fiscal year ended May 31, 2009.
Financial highlights include: -- Sales revenue increased to US$3,850,278 for the 12 months ended May 31, 2009, from US$1,810,318 in the corresponding period ended May 31, 2008, a year-over-year increase of 112.69 percent. -- Gross profit increased to US$2,538,441, representing 66 percent of sales revenue, for the 12 months ended May 31, 2009, from US$580,915, representing 32 percent of revenue, in the corresponding period ended May 31, 2008. -- Net profit of the Company's wholly owned operating subsidiary, Dong Ying (Jiangsu) Pharmaceutical Co., Ltd., increased to US$1,019,507 representing 26% of sales revenue, for the 12 months ended May 31, 2009, from -US$199,306 in the corresponding period ended May 31, 2008, a year-over-year increase of more than 400 percent. However, the Company's overall net loss increased to US$2,140,237 for the 12 months ended May 31, 2009, of which one of the main expenses affecting the results of operations was the stock-based compensation charge of US$2,917,125, reflecting the vesting of stock options granted by the Company and professional fee of public company administration (audit, legal, etc.) of US$270,518. -- Increase in sales volume and the improvement in gross profit percentage are both due to growth in sales of Cisatracurium Besylate, a pre- surgical skeletal muscle relaxant. Sales of this product increased to US$3,595,031 in the 12 months ended May 31, 2009, from US$1,364,165 in the 12 months ended May 31, 2008. At the same time, as volume has increased, cost of manufacturing Cisatra
|SOURCE Sinobiopharma, Inc.|
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