China Pharma Q1 Net Loss Widens - Quick Facts

(RTTNews) - China Pharma Holdings Inc. (CPHI) reported that its first-quarter net loss widened to $0.7 million or $0.02 per share, from $0.4 million or $0.01 per share last year, as a result of decreased revenue, whereas the expenditures did not decrease in proportion to revenue due to fixed costs.

Zhilin Li, China Pharma's Chairman and CEO, said, "The current outbreak of COVID-19 has had a material and adverse effect on the Company's business operations. We had experienced disruptions and restrictions on our ability to travel and to distribute our products, as well as temporary closures of our facilities or the facilities of the suppliers or customers."

Revenue for the quarter decreased 39.8% to $1.8 million from last year's $2.9 million, due to the negative impact of the outbreak of COVID-19.