Hainan Honz Pharmaceutical sees net profit fall to RMB22.13m in H1
Hainan Honz Pharmaceutical (Honz) (300086) reported that its net profit fell 59.28 percent to 22.13 million yuan in the first half of 2011, and earnings per share dropped 84.06 percent to 0.11 yuan, reports yicai.com, citing a company filing. Revenue grew 10.42 percent to 135 million yuan during the reporting period. Percentage figures cited in this article are year-on-year.
After the State Food and Drug Administration issued regulations on the use of Nimesulide in May 15, Honz’s Nimesulide granules exited the children's drug market. Honz's sales revenue from Nimesulide granules fell 39.44 percent to 53.94 million yuan in the first half of 2011.
Honz bought a 51-percent stake in Beijing Sunxin Xangyun Pharmaceutical, all assets in Hebei Tianhe Pharmaceutical and stakes in Shenyang Yanfeng Pharmaceutical in the first half of 2011, in order to make up for lost market share in the children’s drug market.
Honz Pharmaceutical's subsidiary, Hainan Honz Medicine Marketing, signed an agreement with Zhejiang Conba Pharmaceutical (600572) on June 20. They will cooperate in marketing sales of a ibuprofen granules, which are used for easing pain.
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