Nov 17 2010
Shengtai Pharmaceutical, Inc. (OTC Bulletin Board: SGTI) ("Shengtai" or "the Company"), a manufacturer and distributor in China of glucose and starch as pharmaceutical raw materials and other starch and glucose products, today reported financial results for the three months ended September 30, 2010.
Results First Quarter Ended September 2010
Sales revenue for the three months ended September 30, 2010 was $34,644,572, an increase of $11,517,515, or 49.80% compared with the corresponding period in 2009. The increase in sales revenue resulted from the increase of the Company's sales volume and selling prices thanks to the recovery of the global economy and higher demands.
Costs of goods sold for the period ended September 30, 2010 was $28,625,215, an increase of $8,819,514, or 44.53% compared with the corresponding period in 2009. The increase in cost of sales was lower than the increase in net sales. As a result, the gross profit for the period ended September 30, 2010 was $6,019,357, an increase of $2,698,001, or 81.23%, compared with the same period in 2009, and the gross profit margin for the year ended June 30, 2010 was 17.37%, an increase from 3.01% for the same period in 2009.
Net profit for period ended September 30, 2010 was $1,643,084 or 0.17 per share as compared to a net profit of $783,833 or $0.08 per share for the same period ended September 2009. (The common stock issued has undergone a reverse stock split of one new share of common stock for two old shares of common stock, effective November 9, 2010. References to shares authorized and outstanding and to shareholder equity in the financial statements in this Form 10-Q are based on the number of common and preferred stock authorized and outstanding after the reverse stock split.)
SOURCE Shengtai Pharmaceutical, Inc.
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