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Sino Biopharmaceutical reports 32.6% rise in FY'17 profit

Sino Biopharmaceutical Ltd. reported a 32.6% year-over-year rise in profit for the year ended Dec. 31, 2017.

Profit attributable to owners of the parent reached about 2.17 billion yuan for 2017, up from about 1.64 billion yuan in 2016.

The Hong Kong-based drugmaker's EPS was 29.29 fen, up from 22.09 fen the previous year.

Meanwhile, revenue rose to about 14.82 billion yuan from about 13.54 billion yuan a year ago.

Sino Biopharmaceutical attributed the overall growth to its strong research and development power as well as its flexible marketing strategies, which included efforts to develop the hospital market and increase brand awareness across various channels.

For 2018, the company expects to leverage the growth of China's economy along with national policies supporting R&D opportunities. Sino Biopharmaceutical said it will capitalize on the national new internet, artificial intelligence and big data strategies to boost its management standards and marketing capabilities.

The company said the total dividend for 2017 was HK$7.5 cents.

As of March. 22, US$1 was equivalent to 6.33 Chinese yuan.