logo
Share SHARE
FONT-SIZE Plus   Neg

Biostar Pharma Q4 Profit Plunges - Quick Facts

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."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
Follow RTT