China Pharma Holdings have announced the company’s financial results Q1 2020 ended on March 31, 2020. According to the financial details released by the company, the company has witnessed the overall decrease in revenue to $1.8 million in the Q1 2020, which was 39.8% less than the previous quarter of $2.9 million.
The net gross margin of the company stood at 11.0% in the Q1 2020 as compared to 22.4% in the previous quarter. The company has recorded the total loss from operations up to $0.6 million in the Q1 2020, which was $0.3 in the previous quarter. The total net loss of the company stood at $0.7 million in the Q1 2020, which was 0.4 million in the previous quarter.
Chief Executive Officer and Chairman of China Pharma Holdings, Ms. Zhilin Li said, “The current outbreak of COVID-19 has had a material and adverse effect on the Company’s business operations. We had experienced disruptions and restrictions on our ability to travel and to distribute our products, as well as temporary closures of our facilities or the facilities of the suppliers or customers. In addition, COVID-19 has resulted in a widespread health crisis that adversely affected the economies and financial markets of China and many other countries.”
“Along with the lasting efforts to place emphasis on the marketing and sales of our current exiting pharmaceutical products, we continue to explore in the field of comprehensive healthcare. Comprehensive healthcare focuses on people’s daily life, aging and disease and pays attention to all kinds of risk factors and misunderstandings affecting health. We launched wash-free sanitizer and mask production lines recently to address the market needs caused by COVID-19. We aim to leverage our expertise in the PRC for the development, manufacture and commercialization of pharmaceutical and comprehensive healthcare products for the benefit of human health,” Ms Li Zhilin continued.