BRIEF: Joinn Lab swings to red on lower revenue, falling gross margin
Joinn Laboratories (China) Co. Ltd. (6127.HK; 603127.SH), China’s leading non-clinical contract research organization (CRO), said on Wednesday its revenue fell 15.5% to 486 million yuan ($68.3 million) in the third quarter, while its net profit tumbled 58% to 99.44 million yuan.
The company reported a net loss of 70.31 million yuan for the first three quarters of the year, reversing a profit of 328 million yuan in the same period of last year, mainly due to intensified competition in the industry, falling sales and a declining gross margin, as well as a drop in the fair value of its biological assets.
Joinn’s Hong Kong-listed shares rose 1.7% to HK$8.99 in early Thursday trade.
By A. Au
To subscribe to Bamboo Works free weekly newsletter, click here
