Simcere Pharmaceutical Group. (SCR) Thursday reported a preliminary loss for the fourth quarter primarily attributable to a non-cash impairment charge as the result of a write-down of intangible assets, goodwill and assets held for sale associated with the acquisition of Jiangsu Quanyi in 2009. The company however, witnessed a revenue rise for the period.
For the quarter, the firm posted net loss attributable to company of RMB 20.8 million versus a profit of RMB 42.79 million last year.
On a per share basis, loss for the period amounted to RMB 0.20 versus a profit of RMB 0.39 last year. On a per ADS basis, loss for the three months totaled RMB 0.39 compared with a prior year profit of RMB 0.77.
The results were hurt by a RMB 97.24 million non-cash impairment charge for the quarter versus nil last year.
Total revenue for the period, however, climbed to RMB 540.14 million from RMB 511.02 million last year.
Commenting on the results, Hongquan Liu, CEO of Simcere said, "...Despite the challenging environment and intense competition, our sales in the fourth quarter grew moderately. While we believe market conditions will remain challenging in 2013, our priorities will continue to be strengthening promotion of our key products, accelerating market access and hospital listings, and reducing costs."
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