PEKING (dpa-AFX) - China Pharma Holdings Inc. (CPHI) reported that its first-quarter net loss was $2.8 million, or $0.06 per share, compared to net income of $2.8 million or $0.06 per share in the year ago quarter. The company posted a loss in the latest-quarter mainly due to the decrease in revenue, and the inventory obsolescence reserve recognized as a result of the China Food and Drug Administration notice on Buflomedil.
Revenues for the quarter were $8.2 million, a decrease of 49% from revenues of $16.1 million in the prior year quarter. This decrease was primarily due to continued tightened marketing strategy as well as the cessation of product Buflomedil. In March 2013, the China Food and Drug Administration or 'CFDA' issued a nationwide notice for the cessation of the production, sale and use of Buflomedil effective immediately.
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