SINGAPORE (Aug 14): Tianjin Zhong Xin Pharmaceutical Group Corporation has recorded earnings of RMB 156.9 million ($30.8 million) or 0.20 RMB cents per share for the 2Q19 ended June, some 10% higher than earnings of RMB 142.2 million a year ago.

2Q19 revenue rose 19% to RMB 1.78 billion, compared to RMB 1.50 billion a year ago.

Marketing and distribution costs grew 12% to RMB 489.7 million during the quarter, from RMB 435.5 million a year ago.

Research and developments costs nearly doubled to RMB 34.0 million, from RMB 17.8 million a year ago. This was due to higher outlay for research and development projects.

Administrative expenses jumped 40% to RMB 89.8 million, due to higher staff salaries, maintenance and depreciation expenses.

As at end June, cash and cash equivalents stood at RMB 1.01 billion.

Looking ahead, the group says it aims to increase market penetration at a steady pace and contribute towards the healthy China strategy.

Shares in Tianjin Zhong Xin Pharmaceutical closed 2.5 US cents higher, or up 3.2%, at 79.5 US cents on Wednesday before the results announcement.