July 28 -- Changchun High and New Technology Industries (000661) reported a 29.17-percent year-on-year decrease in net profit from the first half of 2011 to 42.27 million yuan, with earnings per share of 0.32 yuan, reports 163.com, citing a company filing. Revenue was 577 million yuan during the same reporting period.

The company blamed the profit drop on higher sales expenses from its pharmaceutical company and rising labor costs.

Shares of Changchun High and New Technology Industries (000661) fell 2.85 percent to close at 48.38 yuan today.