Chinese medical device maker China Kanghui Holdings said Monday its profit edged higher in the second quarter as its domestic sales surged.
The company said its profit rose to 27.9 million yuan ($4.3 million) from 27.7 million yuan before payment of dividends on preferred stock. Earnings in the year-earlier period were reduced to 596,000 yuan ($93,118) after preferred dividends. Earnings per American depositary share totaled $1.09 in the latest period against 3 cents after preferred dividends last year. Excluding one-time items, China Kanghui said it earned $1.11 per share. Revenue rose 41 percent, to 81.8 million yuan ($12.6 million) from 58.1 million yuan.
Analysts expected a profit of 16 cents per ADS and $11 million in revenue, according to FactSet.
China Kanghui said sales of trauma products grew 24 percent to 47.5 million yuan ($7.3 million), while revenue from spinal products rose 74 percent to 26.3 million yuan ($4.1 million).
The company said its domestic revenue grew 47 percent and international sales rose 12 percent. Revenue from equipment manufacturing grew 74 percent to 8.1 million yuan ($1.2 million).
American depositary shares of China Kanghui Holdings fell 3.2 percent to $19.90 on Monday.