Tianda Pharmaceuticals (00455) said it expects to record a decline in the consolidated net profit attributable to owners for the six months ended 30 September 2017 as compared to the same period in 2016.
The company expects that the current year's financial results after excluding the one-off extraordinary gains would be maintained at a similar level as previous financial year.
Such expected decline is as a result combining several favourable and unfavourable factors: the net profit in pharmaceuticals and biotechnology business recorded a double-digit percentage growth as compared to last corresponding period; a fair value gain on derecognition of investments in redeemable convertible preference shares was recognized in the last corresponding period, but no such fair value gain was recognized during the current period; and in contrast to exchange gain and fair value gain on derivative financial instruments recorded in the last corresponding period, a net exchange loss incurred due to depreciation of HKD against Renminbi after offsetting fair value gain on derivative financial instruments during the current period.
Its interim results announcement is expected to be issued on 22 November.
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