China Pharma Holdings (NYSEMKT:CPHI) released a preliminary snapshot of its 2008 financial results. The company said that sales revenue jumped by more than 50% year-over-year, while its net income rose by at least 35%.
China Pharma also reported success in strengthening its collection of accounts receivable, which helped the company book record high positive cash flow in operating activity. For much of 2009, it seemed as though all of China Pharma’s growth was being financed by lenient credit terms and growing accounts receivable. A turnaround on this front would make the company's increasing revenues appear much more impressive.
China Pharma will announce more detailed information about Q4 and full-year 2008 in a press release and follow-up conference call in March 2009.