December 28 -- Sichuan Joint-wit Medical and Pharmaceutical Industry ( 000809.SZ) predicts 2011 net profit will range from between 630 million yuan and 640 million yuan, compared with the 2.91 million yuan earned last year, reports yicai.com, citing a company filing.

The company forecasts earnings per share (EPS) of 1.72-1.75 yuan, while EPS last year was 0.025 yuan.

Joint-Wit Pharma attributes the surge in net profit to a large-scale asset restructuring.

The company had sold all its assets and liabilities to Wante Pharmaceutical and Yihe Group for 148 million yuan, and had issued shares privately to three companies in return for a 100 percent stake in Tieling Caijing for 2.58 billion yuan.

Following the asset restructuring, the company will be involved in the land development and infrastructure businesses.