Biostar Pharmaceuticals, Inc. (BSPM), Tuesday, reported a sharp decline in profit for the fourth quarter, on higher operating expenses and a non-cash impairment loss.
The China-based company reported a fourth quarter net profit of $0.83 million or $0.03 per share, compared to $6.1 million or $0.22 per share last year. Net profit was mainly affected by $2.3 million increase in research and development expenses and a non-cash impairment loss of $1.8 million.
Total revenue for the quarter decreased 8.1 percent to $25.98 million from $28.27 million last year.
Biostar's Chief Executive Officer and Chairman Ronghua Wang said, "With the 2011 acquisition of Shaanxi Weinan, we increased our portfolio of drug approvals and permits by an additional 86 drugs and one health product. Currently, we are manufacturing eleven products at Shaanxi Weinan's facilities, and we expect to generate over $5 million in net sales in 2012 from the sale of these products."
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