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Luoxin Announces 2008 Third Quarterly Results; Profit Attributable to Shareholders Surged 62.9% to Approximately RMB 138,141,000

Obtained Shareholders' Approval on the Proposed Transfer of Listing of its

H Shares from GEM to the Main Board

HONG KONG, Oct. 28 /Xinhua-PRNewswire/ -- Shandong Luoxin Pharmacy Stock Co., Ltd. (HKEx: 8058), announced its third quarterly results for the nine months ended 30 September 2008, recording a strong growth in turnover and profit attributable to shareholders.

The Company's turnover rose 36.9% year-on-year to approximately RMB480,155,000, while gross profit increased by 45.6% to approximately RMB237,382,000. Profit attributable to shareholders surged by 62.9% to approximately RMB138,141,000. Basic earnings per share were RMB22.66 cents, representing an increase of 62.9% over the corresponding period in 2007.

As at 30 September 2008, the Company obtained a strong balance sheet with sufficient working capital and no debt.

During the period under review, the Company's Technology Center was certified as Province-Class Technology Center and joined forces with Shenyang Pharmacy University by establishing the Shenyang Pharmacy University and Luoxin Pharma post-doctorate workstation, Shenyang Pharmacy University and Luoxin Pharma education and training station, Shenyang Pharmacy University and Luoxin Pharma intern station. This cooperation has not only enhanced the technological advancement of Luoxin Pharma, but also served as a platform for technology interchange and nurture of talents, laying a solid foundation for the Company's future development.

In order to capture the huge market opportunity in the market, the Company's phase three capacity expansion plan has been completed and commenced operation. The production capacity of aseptic raw material and raw material for system-specific medicines has thus increased by 200 each.

Mr. Liu Baoqi, Chairman of Luoxin Pharma said, "The Company has recently obtained the shareholders' approval for the proposed transfer of listing of its H shares from GEM to the Main Board at the EGM and the respective Class Meetings on 24 October 2008. We believe that the listing on the Main Board not only helps further enhancing the profile of the Group and increases the trading liquidity of the Shares of the Company and recognition, but will also be of great benefit to future growth and business development of Luoxin Pharma in the long run."

For further information, please contact:

Porda International (Finance) PR Group

Ms. Kelly Fung

Tel: +852-3150-6763

Ms. Kate Lam

Tel: +852-3150-6738

SOURCE Shandong Luoxin Pharmacy Stock Co., Ltd.
Copyright©2008 PR Newswire.
All rights reserved

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