CSPC Pharmaceutical’s 1Q Net Profit Rose 22%

CSPC Pharmaceutical Group said Wednesday its first-quarter net profit rose 22% from a year earlier, but growth in sales and core earnings fell short of expectations because of the coronavirus pandemic.
Net profit for the January-March quarter was 1.16 billion yuan ($162.6 million). Revenue grew 12% to CNY6.13 billion, mainly lifted by stronger drug sales, the Chinese company said.
CSPC Pharmaceutical, a leading drug maker in China, said sales faced headwinds from virus-control measures in China that reduced outpatient visits and hospitalization rates.
The company, which is a constituent of Hong Kong’s benchmark Hang Seng Index, said it plans to issue CNY shares or Chinese depositary receipts.
The equity securities will be listed on the Shanghai Stock Exchange’s Star Board. Proceeds from the proposed share issue will fund business activities, it said.

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