Pharmacy chain China BCT revenue falls in fourth quarter

2 April 2012 (Last Updated April 2nd, 2012 03:06)

China BCT Pharmacy Group has posted a marginal 0.7% decrease in revenue to $66.3m in the fourth quarter ended 31 December 2011, compared to $66.8m in the same period a year ago.

China BCT Pharmacy Group has posted a marginal 0.7% decrease in revenue to $66.3m in the fourth quarter ended 31 December 2011, compared to $66.8m in the same period a year ago.

Revenue from the firm's pharmaceutical distribution segment fell 4% to $48.7m year-over-year in fourth quarter, or 73% of total revenue in the quarter.

The company's retail pharmacy segment revenue jumped 10% to $13.9m in the quarter ended 31 December 2012, or 21% of total fourth quarter revenue.

Manufacturing segment of the chain reported a 7% increase in revenue to $3.7m in the quarter, or 6% of total fourth quarter revenue.

During the same period, gross profit increased 12.2% to $15.8m, while operating profit margin for the retail pharmacy segment jumped to 19.8% from 14.3% in the fourth quarter of 2010.

Manufacturing segment operating profit margin surged 50% in the quarter ended 31 December 2012, compared to 44.2% during the same quarter last year.

Operating income was marginally up by 0.5% to $9.5m in the fourth quarter of 2011, or 14.3% of revenue, from $9.4m in the fourth quarter of 2010.

In the fiscal year ended 31 December 2012, revenue increased 28.2% to $257.5m, compared to $200.8m in the prior year.

In the same period, retail pharmacy segment sales grew 19.54% year-on-year, representing 20.7% of total company sales in 2011.

Pharmaceutical distribution segment revenue surged 72.4% to $190.7m in the year from a year ago, representing a 74% of total sales last year.

The manufacturing segment accounted for $13.6m or 5.3% of total sales in 2011, compared to 5.4% in the same period a year earlier.

Gross profit jumped 26.6% to $61.8m from $48.8m, while operating income was up 19.2% to $42.2m from $35.4m in 2010.

Net income increased 22.1% to $31.2m in the year, compared with $25.7m last year.

China BCT operates through its subsidiaries Guangxi Liuzhou Baicaotang Medicine, Guangxi Liuzhou Baicaotang Medicine Retail and Hefeng Pharmaceutical.

The company has a regional retail network, consisting of 219 directly owned retail stores in Guangxi province, China.