Hangzhou-based China Jo-Jo Drugstores Inc. reported earnings results for the third quarter of fiscal 2013 ended December 31, 2012.
Revenue for the company decreased 39.1% from a year ago to USD15.6 million, but third quarter retail drugstore sales revenue improved 7.3% from the second quarter fiscal year 2013.
The company's retail gross margin decreased to 23.3% in the three months ended December 31, 2012, from 36.7% in the three months ended December 31, 2011. The Chinese government has included more prescription and OTC drugs in the price control list, and some of Jo-Jo's products' prices were higher than the prices set by the Chinese government. Therefore, the company says it had to adjust these products' prices.
The company's net income decreased by USD10,930,507 period over period, to a net loss of USD4,480,083.
As of December 31, 2012, the company says it has USD3.8 million of cash, USD58.0 million in current assets and USD33.0 million in total liabilities.