Fudan-Zhangjiang profit plummets 92% on R&D costs

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical's net profit plummeted 92% to RMB5.62 million in the six months to June 30, down from RMB70.34 million a year earlier. Revenue fell 4% to RMB390.08 million.

The company blamed higher research and development expenses and compensation from a terminated service provider agreement for the profit collapse.