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

Quick Facts

Editors Pick
Delta Airlines becomes the latest airline to experience pet transport disaster. An 8-week-old puppy was flown across the country to the wrong airports by Delta Airlines landing in Detroit, Las Vegas and Salt Lake City before finally making to Idaho. On Saturday, a breeder put Josh Schlaich's new,... Facebook stock is plunging due to self-inflicted wounds. What was once America's favorite social media site is being a accused of turning into a cesspool of misinformation and narcissism. Facebook Inc.'s security chief, Alex Stamos, plans to step down from the company amid questions over Russia's... Media company Tronc, Inc. said Monday that Michael Ferro has stepped down as chairman of its board of directors. The company named Chief Executive Justin Dearborn as chairman of the board. Tronc noted that Ferro, its largest shareholder, is retiring from the board as the company prepares to close on the $500 million sale of its flagship newspaper, the Los Angeles Times, to local ownership.
comments powered by Disqus
Follow RTT