BRIEF: Sinopharm’s revenue and profit rise, but cash outflow continues in first quarter
Drug wholesaler and retailer Sinopharm Group Co. Ltd. (1099.HK; 600511.SH) on Wednesday reported its revenue increased 6.6% year-over-year to 13.56 billion yuan ($1.99 billion) in the first quarter, while its profit rose 3.3% to 474 million yuan. Its core profit, which excludes non-recurring gains and losses, rose 4.2% to 465 million yuan.
Despite growth in both revenue and profit, the company’s cash flow situation remained shaky. It generated nearly 3.6 billion yuan in net cash outflow from operating activities during the quarter, up nearly 90% from a 1.89 billion yuan outflow a year earlier.
Shares of Sinopharm opened flat at HK$19.83 on Thursday. The stock is down over 10% from its 52-week high.
By Lau Chi Hang
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