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China-Biotics records record revenue

This article was originally published in The Tan Sheet

Executive Summary

Net sales climbed 50.1 percent to $81.4 million in the probiotics firm's fiscal 2010 ended March 31, attributed largely to increased sales of bulk additive products. With China-Biotics' new production facility online since February and China's yogurt market strongly interested in probiotics, bulk additives grew from 8.3 percent of annual revenue in 2009 to 26.8 percent in 2010, the company said June 11. Net sales in the fourth quarter were $25.5 million, up 64.3 percent. While operating income jumped to $10.8 million from $5.7 million in the January-March period, quarterly net income dipped 56.2 percent to $2.9 million and fell 21.6 percent to $15.6 million for the full year, due in part to non-cash losses from the change in value of convertible bonds. Separately, Shanghai-based China-Biotics noted it produces all 21 probiotic strains on a list of approved strains China's Ministry of Health published in May
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