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China Nepstar Chain Drugstore Reports Fourth Quarter and Fiscal Year 2012 Financial Results
Date:3/28/2013

s 20.9%. Private label products accounted for 26.8% of total revenue and 38.0% of gross profit, respectively, compared to 30.0% of revenue contribution and 41.3% of gross profit contribution in 2011.

Gross profit was RMB1,180.5 million (US$189.5 million) for 2012, compared to RMB1,188.6 million for 2011. Gross margin was 46.3% in 2012, compared to 47.7% in 2011. The decrease in gross margin was mainly due to changes in product mix and negative impact from the mandatory price cuts on pharmaceuticals by the Chinese government.

Total operating expenses accounted for 44.2 % of total revenue in 2012, as compared to 45.6% in 2011. Income from operations was RMB46.9 million (US$7.5 million) for 2012, compared to RMB38.6 million for 2011.

Interest income for 2012 was RMB16.4 million (US$2.6 million), compared to RMB23.2 million in 2011. Dividend income from cost method investments was RMB4.5 million (US$0.7 million) for 2012, compared to RMB3.6 million in 2011. Equity in income of an equity method investee was RMB1.3 million (US$0.2 million), compared to that of RMB1.6 million in 2011. The decrease in equity in income of an equity method investee was mainly due to the weak performance of the JZJ in 2012.

The Company's effective tax rate was 34.6% in 2012, compared to 46.3% in 2011. The decrease in effective tax rate was mainly attributable to the reversal of deferred tax liabilities arising from equity method investment of RMB6.3 million as a result of dividends distributed from JZJ and the utilization of tax losses carryforwards of which valuation allowance of RMB7.0 million was previously provided for as a result of the disposal of the Company's 40% equity interest in JZJ. 

Net income was RMB90.1 million (US$14.5 million) for 2012, compared to RMB35.9 million for 2011. The Company reported RMB0.90 (US$0.14) b
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SOURCE China Nepstar Chain Drugstore Ltd.
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