Tiens Biotech Y2009 $62 million revenue
Tiens Biotech FY09 Profit Declines –
Nutrition supplement products maker Tiens Biotech Group USA, Inc. reported Monday a decline in profit for the full year ended December 31, 2009, reflecting a drop in revenues during the year.
For the full year, net income attributable to the Tianjin, China-based company decreased to
$23.84 million or $0.33 per share from
$27.66 million or $0.39 per share in the previous year.
Revenues for the year declined to $61.98 million from $77.25 million in the prior year.
Region-wise, revenues from China decreased to $27.24 million from $33.71 million a year earlier, partially due to a decline in domestic distributors' demand after stocking up on products in 2008.
International revenues were $34.73 million compared to $43.54 million a year ago. The company noted that the drop in international revenue was due to decreases in sales in the Asia-Pacific and Europe-Asia regions and also due to a general weakness in the global economy. Income from operations dropped to $25.8 million from $33.8 million in the preceding year. Gross profit margin for the year was 67.5%, compared to 67.8% in the previous year.
Jinyuan Li, chairman, president and chief executive officer said, We remain confident that domestic sales will return to, and potentially exceed, previous levels, as distributors begin to replenish their stock of our products. In addition, we maintain this same positive sentiment regarding international sales, which we expect will benefit from the removal of export restrictions and gradual economic improvement.
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