Luoxin posts 50% jump in 2008 profit

China's Shandong Luoxin Pharmacy Stock Company's 2008 profit jumped 50% year-on-year, which it attributes to an expanding market in the region.

The Hong Kong-headquartered firm reported revenue of 667.8 million  renminbi ($98.7 million), an increase of 31%, driven by the State Food  and Drug Administration approval of 27 Luoxin products. The company's  net profit leapt to 183.2 million renminbi, or 0.30 renminbi per share,  versus 121.9 million renminbi, or 0.20 renminbi per share.

"We believe the pharmaceutical industry will continue to experience  rapid growth in 2009 with the acceleration of the implementation of  medical reforms imposed by the central government. To capture the  opportunities arising from market consolidation, the company will  further strengthen its R&D capability, lower the production cost, expand  the production scale and develop more high value-added products," said  chairman Liu Baoqi. "The company has obtained the shareholders' approval  for the proposed transfer of listing of its H shares from GEM to the  Main Board," he added.