China Jo Jo Drugstores turns to profit in December quarter
Online and offline pharmaceutical and healthcare retailer and wholesaler China Jo-Jo Drugstores boosted revenue by 7.9 per cent in the December quarter
“We delivered outstanding financial results for the third quarter of 2020, with revenue recording $33.36 million,” said chairman and CEO Lei Liu.
“Benefiting from the growth in retail drugstores and online pharmacy businesses as well as our strong competitive position in the industry, all of our core businesses performed in line with our expectation.”
Liu said China Jo Jo was preparing for the coronavirus outbreak by trying to optimise its inventory and ensure it had effective distribution channels to meet the strong domestic demand of pharmaceutical and other healthcare products and services.
China Jo Jo’s gross profit increased by 2.1 per cent to $7.28 million for the quarter, but gross margin decreased by 1.3 percentage points to 21.8 per cent.
Net income for the US-listed company was $460,000, compared to a loss of $2.21 million during the same period a year earlier.