H share Guangzhou Pharmaceutical, listed last October, has met its net profit forecast of 40 per cent growth to 128.42 million yuan (about HK$119.43 million) last year. The mainland's largest manufacturer and trader of Chinese patent medicines said sales rose 10 per cent to 3.05 billion yuan while operating profit increased 28 per cent to 182.94 million yuan. Earnings per share were up 27 per cent to 23 fen. No final dividend was declared, as stated in the listing prospectus. The company said it achieved satisfactory results, thanks to efforts to improve its product mix and boost sales of high value-added and popular products. Chinese patent medicine production was the major income-earner, accounting for 37 per cent of turnover and 67 per cent of pre-tax profit. The business achieved a 12.49 per cent increase in sales to 1.49 billion yuan and a 29.96 per cent surge in pre-tax profit to 123.59 million yuan. Medicine trading made up the balance, with sales of 1.9 billion yuan, up 8.61 per cent and pre-tax profit of 59.67 million yuan, up 22.23 per cent. The company said the 23 types of products, with sales of more than 10 million yuan each, made significant profit contributions.