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NEW YORK - Tongjitang Chinese Medicines Co., a Chinese drug developer, said Friday its second-quarter profit grew sevenfold despite weaker sales of its osteoporosis treatment.
| TCM | 2.62 |  -0.08 |
The Shenzhen, China-based company reported a profit of 55.7 million yuan, up from 7.9 million yuan a year ago. Revenue declined 15 percent, to 119.6 million yuan from 141.4 million yuan. In U.S. dollars, the company earned $8.1 million on $17.5 million in revenue.
Exchange rates are calculated as of June 30, the final day of the second quarter.
Sales of herbal Xianling Gubao fell 26 percent, which the company blamed on competition from counterfeit products. Sales of other products, including its moisture and anti-itching treatments, Zaoren anti-insomnia capsules, and Dianbaizhu, a syrup used to treat vertigo, all decreased.
On a per-share basis, profit rose to 42 yuan per share from 6 yuan per share.
Tongjitang said it expects revenue of 530 million yuan to 540 million yuan, or $77.4 million to $78.8 million, for the last six months of 2008.
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