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China Jo-Jo Drugstores swings to profit in fiscal Q4

China Jo-Jo Drugstores Inc. said its normalized net income for the fiscal fourth quarter ended March 31 was 8 cents per share, compared with a loss of 45 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.4 million, compared with a loss of $6.4 million in the year-earlier period.

The normalized profit margin climbed to 6.6% from negative 39.9% in the year-earlier period.

Total revenue rose 28.2% on an annual basis to $20.7 million from $16.1 million, and total operating expenses fell 26.8% year over year to $19.1 million from $26.1 million.

Reported net income came to $1.2 million, or 7 cents per share, compared to a loss of $15.4 million, or a loss of $1.07 per share, in the year-earlier period.

For the year, the company's normalized net income totaled 8 cents per share, compared with a loss of 91 cents per share in the prior year.

Normalized net income was $1.2 million, compared with a loss of $12.7 million in the prior year.

Full-year total revenue increased 16.2% from the prior-year period to $76.9 million from $66.2 million, and total operating expenses declined 12.8% year over year to $75.2 million from $86.2 million.

The company said reported net income came to $909,390, or 6 cents per share, in the full year, compared with a loss of $25.4 million, or a loss of $1.83 per share, the prior year.