August 23, 2010

Inner Mongolia Jinyu H1 net profit shows increase

The first-half net profit for animal vaccine manufacturer Inner Mongolia Jinyu Group increased 77.7% on-year to RMB57 million (US$8.4 million), due to higher sales and margin rates.

Operating revenue was up 12.4% at RMB298 million (US$43.9 million), including RMB147 million (US$21.6 million) from its core biopharmaceutical business.

Margin rates for the biopharmaceutical business stood at 31.4% in the first half, up seven percentage points from a year earlier. Jinyu also generated RMB61 million (US$9 million) of revenue from property sales, with the segment's margins rising about 24 percentage points to 52.2%.

Jinyu said its net profit in the first nine months is expected to rise more than 50% from a year earlier.