By Kosaku Narioka
Shanghai Fosun Pharmaceutical (Group) Co. said Wednesday that first-quarter net profit fell 19% from a year earlier due partly to higher research expenses and slower earnings from affiliates.
The Chinese pharmaceutical company said net profit fell to 577.2 million Chinese yuan ($81.53 million) for the quarter ended March 31 from CNY712.3 million a year earlier.
Shanghai Fosun Pharmaceutical said revenue fell 13% to CNY5.88 billion from CNY6.73 billion a year earlier, while research and development costs increased and administrative expenses rose.
Shanghai Fosun Pharmaceutical also said that the Covid-19 pandemic weighed on earnings from associates and joint ventures.
Write to Kosaku Narioka at firstname.lastname@example.org