Vitamin price hike propels Northeast Pharmaceutical

Drug maker Northeast Pharmaceutical Group Co said yesterday that it expects net profit in the first quarter to more than triple from a year earlier on escalating vitamin supplement prices, the mainstay of its business.

The forecast comes close on the heels of its six-fold jump in net income for 2008.

Net profit in the first quarter is expected to surge by 300 percent to 350 percent from a year earlier to 120 million yuan, or 0.36 yuan per share, on booming sales and improved profitability, the Shenzhen-listed firm said.