China Pharma Holdings, Inc. (CPHI: Quote) reported that net income for the third quarter of 2012 was $1.3 million, or $0.03 per share, down from $5.0 million, or $0.11 per share, in the third quarter of 2011. The main reasons for the decrease in net income was the decrease in sales revenue, falling gross margins and higher operating expenses.
Revenues for the quarter were $12.2 million, a decrease of $8.8 million, or 42% from $21.0 million last year. The revenue decreased mainly because the implementation of the ever-changing Healthcare Reform policies and the associated pricing adjustment. In addition we reduced our sales-on-credit in order to control accounts receivables.
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by RTT Staff Writer
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