Pharmesis International Ltd. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net loss attributable to equity holders of the company of RMB 3,106,000 on revenue of RMB 15,130,000 compared to net profit attributable to equity holders of the company of RMB 1,763,000 on revenue of RMB 17,607,000 reported in the same period last year. Loss from operations was RMB 3,548,000 against profit from operations of RMB 1,962,000 reported last year. Loss before tax was RMB 2,898,000 against profit before tax of RMB 2,012,000 reported last year. Net cash flows from operating activities was RMB 4,589,000 against net cash used in operating activities of RMB 1,404,000 reported last year. Acquisition of property, plant and equipment was RMB 235,000 against RMB 145,000 reported last year. Decrease in revenue was mainly due to lower sales of key products (namely ATT and Gansu) and discontinued production of Huangke as management had decided to terminate production as it was no longer economically viable to produce because of escalated cost for a key raw material and inability to raise prices.

For the year, the company reported net loss attributable to equity holders of the company of RMB 3,805,000 or 1.90 cents per diluted share on revenue of RMB 60,848,000 compared to net profit attributable to equity holders of the company of RMB 475,000 or 0.24 cents per diluted share on revenue of RMB 64,679,000 reported in the same period last year. Loss from operations was RMB 7,271,000 against profit from operations of RMB 858,000 reported last year. Loss before tax was RMB 4,602,000 against profit before tax of RMB 963,000 reported last year. Net cash flows from operating activities was RMB 8,696,000 against RMB 1,761,000 reported last year. Acquisition of property, plant and equipment was RMB 529,000 against RMB 596,000 reported last year.