United Gene High-Tech posts HK$745 mln in net profit for FY 09

Oct. 6, 2009 (China Knowledge) - United Gene High-Tech Group Ltd<0399> booked a net profit of HK$745 million in the fiscal year ended Jun. 30, 2009, compared with a loss of HK$68.62 million last fiscal year.

Earnings per share were 12.83 HK cents, according to the firm's annual report. United Gene High-Tech did not recommend a final dividend.

United Gene High-Tech attributed the profit to the recognition of the gain of about HK$631.4 million upon its release from a bank loan and other liabilities and the gain of about HK$134.5 million upon the deconsolidation of the company's subsidiaries.

The company's turnover during the same period was HK$374.4 million, up 18.11% year on year, boosted by the distribution of gene testing services, which started in May of last year.

United Gene High-Tech Group, based in Hong Kong, is mainly engaged in businesses such as distribution of pharmaceutical products and provision of gene-testing services. The firm has two subsidiaries: Main Wealth Ltd and Bestdone Ltd.