Cathay International Holdings Ld Trading Update (5734U)
13 July 2018 - 6:11PM
UK Regulatory
TIDMCTI
RNS Number : 5734U
Cathay International Holdings Ld
13 July 2018
13 July 2018
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Cathay International Holdings Limited
("Cathay", the "Company" or the "Group")
Trading update
Hong Kong, 13 July 2018 - Cathay International Holdings Limited
(LSE: CTI.L), an operator and investor in the growing healthcare
sector in the People's Republic of China (the "PRC"), provides a
trading update for the six months ended 30 June 2018.
The Group's principal subsidiary, Lansen, has been through a
period of management change, including the appointment of a new CEO
on 1 March 2018, and consequent operational changes in the first
half. Lansen is seeking to gradually diversify from being a single
core specialty drug product by building a portfolio of products
comprised of specialty drugs and pharmaceuticals. Lansen intends to
improve its hospital coverage of pharmaceutical products and
implement stringent control on expenses in order to upgrade the
product structure, income structure and profitability of the
pharmaceutical division. As mentioned in the Company's Annual
Results statement, regulatory change in the pharmaceutical industry
in China, including the two-invoice system, has led to a fall in
sales in some product lines towards the end of 2017 and, as
expected, this has continued in to 2018. As a result, sales were
slower compared with same period in the first quarter of 2017, but
sales have accelerated in the second quarter and are expected to
continue to do so in the second half.
Natural Dailyhealth, Botai and Haizi are all trading broadly in
line with expectations.
The Group's hotel business is trading ahead of expectations with
increased occupancy and average room rates.
Overall, the first half is expected to show lower sales and
profits than the same period last year, but the full year will be
in line with our expectations. Although the management remains
confident, as all three business segments have gone through major
restructuring and operational changes, there remains possibility of
unexpected fluctuation in the performance during the second
half.
The results for six months ended 30 June 2018 will be released
in late August.
For further enquiries, please contact:
Cathay International Holdings Limited
Eric Siu (Finance Director) Tel: +852 2828 9289
Patrick Sung (Director and Controller)
Consilium Strategic Communications
Mary-Jane Elliott / Matthew Neal / Lindsey Neville Tel: +44 (0) 203 709 5702
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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