Simcere Pharma Q3 Profit Jumps - Quick Facts

(RTTNews) - Simcere Pharmaceutical Group's (SCR) third-quarter net income attributable to the company from continuing operations surged significantly to RMB167.0 million, or $27.3 million, from RMB16.0 million last year, due mainly to the gain arising from the sale of equity interest in Kanda Biotech Holding Ltd, partially offset by the impairment charge of goodwill and intangible assets and inventory write-down.

Quarterly net income attributable to Simcere was RMB384.1 million, or $62.8 million, a sharp rise from RMB22.2 million a year ago, helped by the gain from the sale of stake in Kanda and Jilin Boda Pharmaceutical Co., Ltd., partially offset by the impairment charge for goodwill and intangible assets and inventory write-down, the company said.

Earnings per American Depository Share or ADS from continuing operations were RMB3.11, or $0.51 in the quarter.

Revenue from continuing operations was RMB421.3 million, or $68.8 million, down 16.5% compared with RMB504.7 million for the same period in 2012.