August 30 -- Joincare Pharmaceutical Group Industry (600380) filed its net profit fell 33.04 percent year-on-year to 245 million yuan despite revenue growth of 14.98 percent to 2.4 billion yuan in the first half for earnings per share of 0.1873 yuan, reports yicai.com. Joincare said the price of its major product, 7-ACA, dropped and resulted in lower operating profits.

China’s central government has tightened regulations on the use of antimicrobial drugs and published management approaches on the matter effective September 1. The 7-ACA price dropped to 500 yuan per kilogram from 830 yuan in the first half of the year, the source noted.

Joincare’s subsidiary, Haibin Pharmaceuticals, is now applying for certifications required to explore the European market, the source said.

As of July 31, Joincare had bought back 26.86 million shares or a 2.04-percent stake for 282 million yuan.

Source:capitalvue