China Jo-Jo Drugstores 4Q net income jumps

NEW YORK

Chinese drugstore operator China Jo-Jo Drugstores Inc. said Wednesday its net income more than doubled during the fourth quarter on a boost in revenue.

The company earned $3.8 million, more than double the prior year, as revenue rose 40 percent to $16.3 million from $11.7 million.

For the full year ended March 31, the company earned $9.8 million, or $1.09 per share, up from $6.8 million, or 86 cents per share, a year prior. Revenue rose to $55.2 million from $44.8 million.

At June 25, the company operated 31 stores.

Shares of China Jo-Jo Drugstores rose 33 cents, or 8.5 percent, to $4.20 in morning trading. The stock has traded between $1.20 and $11 over the last 52 weeks.