On 14 July, 2016, Northeast Pharmaceutical
Group Co., Ltd. (Northeast Pharmaceutical) released its corrected H1 2016
financial pre-announcement:
-
Net profit: +USD0-0.75 million (+RMB0-5
million), vs. -USD12.95 million (-RMB86.13 million) in H1 2015
-
Earnings per share: RMB0-0.011, vs.
RMB-0.18 in H1 2015 (exchange rate: USD1.00=RMB6.6496 on 1 July, 2016,
sourced from the People's Bank of China)
Source: baidu
This is mainly thanks to:
1. Rises in sales prices of its active pharmaceutical ingredients (APIs) like
chloramphenicol and amantadine in H1 2016.
2. Larger sales volumes of preparations like fosfomycin dodium for injection,
carprost suppository, and levocarnitine.
Early in the last financial pre-announcement released on 27 April, Northeast
Pharmaceutical predicted: "The company will suffer a loss of USD0-1.5
million (RMB0-10 million), a great decrease compared to the corresponding
period last year." After revision, the net profit is estimated to realize
a YoY increase of 100.00%-105.81%, giving a strong boost to the company's stock
price. On the very date when the corrected version was released, the stock
price was up by 2.39%.
Northeast Pharmaceutical's net profit, 2013-H1 2016
E
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)
Note: In 2014,
Northeast Pharmaceutical suffered a loss of USD1.32 million (RMB8.76 million)
after extraordinary
items were
deducted.
Source:
Northeast Pharmaceutical Group Co., Ltd.
In 2015, Northeast Pharmaceutical's
performance was undermined by one of its leading products, vitamin C (VC),
whose market price kept depressed.
-
Revenue: +USD576.64 million (+RMB3.83
billion), down 11.51% YoY
-
Net profit: -USD57.80 million (-RMB384.36
million), vs. +USD13.09 million (+RMB87.08 million) in 2014
As one of the leading producers of VC, Northeast Pharmaceutical has kept under
great business pressure. Early in late Feb. 2016, the company stated that the
current sales price of VC still remained low. According to CCM's price
monitoring, from Jan. to June 2016, the domestic market price of 99% feed grade
VC averaged USD3.76/kg (RMB25/kg), down over the same period in 2014 and 2015.
The continuous losses have pushed the company to hunt for profits.
-
In Feb. 2016, the company purchased RMB
financial products from the Bank of Communications with an equity fund of
USD15.04 million (RMB100 million), aiming to improve its efficiency of capital
utilization, generate investment returns and increase its revenue
-
In April, together with its branch company,
the company set up an investment partnership which serves as a financing and
investment platform. Northeast Pharmaceutical is said to be the limited partner
taking 90% of shares, with a fund of USD13.53 million (RMB90 million)
Notably, some of Northeast Pharmaceutical's major shareholders unloaded their
shares. For instance, Wang Zilong, one of the company's shareholders, unloaded
his 16.64 million shares (3.51% of the company's total equity) in the company
through Block Trading System from 27 May to 7 June, 2016. After this, Wang
Zilong no long holds any shares.
Monthly market price of 99% feed grade
vitamin C powder, Jan. 2014-June 2016
Source: CCM
This article comes from Corn Products China News 1607, CCM
About CCM:
CCM is the leading market
intelligence provider for China's agriculture, chemicals, food &
ingredients and life science markets. Founded in 2001, CCM offers a
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Tag: pharmaceutical vitamin