China Jo-Jo Drugstores (CJJD) saw its loss widen to $0.83 million, or $0.04 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.62 million, or $0.04 a share. On the other hand, adjusted net loss for the quarter widened to $0.32 million, or $0.02 a share from a loss of $0.32 million or $0.02 a share, a year ago.
Revenue during the quarter dropped 16.59 percent to $20.61 million from $24.71 million in the previous year period. Gross margin for the quarter expanded 68 basis points over the previous year period to 20.30 percent. Operating margin for the quarter stood at negative 4.07 percent as compared to a negative 1.25 percent for the previous year period.
Operating loss for the quarter was $0.84 million, compared with an operating loss of $0.31 million in the previous year period.
China Jo-Jo's chairman and chief executive officer, Mr. Liu Lei commented, "Our retail drugstores' sales started to recover during the quarter as we grew both retail sales and margins year-over-year. We optimized our drugstores' product mix leading up to the Chinese New Year Holiday and met customer demand for popular nutritional supplements products. We also continue to improve our chronic disease management program, which has attracted many loyal customers who refill their prescriptions and purchase supplemental products at our stores. We look forward to expanding our proven retail pharmacy model in Hangzhou in the New Year and bringing innovative wellness options and expanded access to care to more pharmacy customers."
Operating cash flow remains negativeChina Jo-Jo Drugstores has spent $1.79 million cash to meet operating activities during the nine month period as against cash outgo of $0.92 million in the last year period. Cash flow from investing activities was $0.13 million for the nine month period, down 87.11 percent or $0.87 million, when compared with the last year period.
Cash flow from financing activities was $0.02 million for the nine month period, down 93.39 percent or $0.34 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $4.64 million as at Dec. 31, 2016.
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