Retail chain cure for Wanjia Group’s woes
While pharmaceutical group Wanjia Group Holdings had a 25.41 per cent drop in overall revenue for its year to March 31, its retail chain generated about HK$257.035 million (US$32.96 million), up 7.81 per cent over the previous 12 months.
Its overall gross profit fell by about 13.59 per cent, and the group turned in an operating loss of about $9.9 million, a downturn from its $4 million profit of about $9.9 million in the previous year.
Total revenue was about $985.9 million, gross profit came to $126.3 million, and the loss for the year attributable to owners of the company was about $25.8 million (2016: about $13.8 million.
Nevertheless, the group’s gross profit margin was about 13.59 per cent, up from 11.06 per cent.
Wanjia runs a pharmaceutical retail chain in China through Fujian Huihao Sihai Pharmaceutical Chain Company. At the end of the year, the group had 120 retail pharmacies, up from 117 a year earlier.
In October 2013, the company was spun-off from Hua Xia and listed on the stock exchange. But in March this year, the shares held by Hua Xia were distributed to its shareholders, making the company no longer a subsidiary of Hua Xia.