Zhejiang Huahai Pharmaceutical (SHA:600521) expects its net profit attributable to shareholders in the first half to drop between 40% and 50% year over year to a range of 374 million yuan to 449 million yuan, according to a Shanghai bourse filing on Tuesday.
The Chinese pharmaceutical company's attributable profit a year earlier was 748.6 million yuan.
The forecast was attributed to continued price declines, stringent competition, higher research and development expenditures, and a drop in foreign exchange rate gains.
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