BEIJING, Dec. 4, 2006 (PRIME NEWSWIRE) -- S.E. Asia Trading Company, Inc. (OTCBB:SEAA) released its 3rd quarter earnings report, for the period ended September 30, 2006. In S.E. Asia's unaudited 10-QSB filing, for the three months ended September 30, 2006, the Beijing pharmaceutical company reported net revenues of $8.7 million and profits exceeding $1.4 million. SEAA has applied for a name and symbol change so as to more accurately convey the activities and brands of the operating company, Lotus Pharmaceuticals.
In assessing S.E. Asia's year-on-year performance, for the same period in 2005, the unaudited financials showed 3rd quarter earnings of $3.5 million, with a loss of about $100,000. For the nine months ended September 30, 2006, S.E. Asia reported net revenues of $24 million and profits of $4.3 million, as compared to the nine months ended September 30, 2005, which reported net revenues of $12 million and profits exceeding $1.4 million.
Dr. Liu Zhongyi, S.E. Asia's CEO and Chairman, commented from his Beijing headquarters: "We are gratified by the performance and growth of our Company. We are increasingly confident that S.E. Asia will become an important national leader in China, and, perhaps in the future, we may consider an international strategy. In December, we should hold our first Board of Directors meeting, and plans for expansion and acquisition will be on the agenda.
"In earlier developments, on August 4, 2006, S.E. Asia's operating subsidiary obtained SFDA (the Chinese Food & Drug Administration) approval for its newly invented drug Nicergoline for Injection State New Drug: State Approval Drug Number: H20067427. The Company submitted the application to SFDA in June 2005. This drug is an effective cure for diseases caused by the shortage of the blood supply in the brain blood vessels. S.E. Asia is among the few pharmaceutical companies to manufacture and market this drug in China. This drug has a large demand in the Chinese market. In addition to previous projections, S.E. Asia forecasts that this drug could generate $5 million in sales with a profit exceeding $750,000 for the Company in 2007.
"Additionally, to meet the increasing market demand for drug products in a pill form, the Company has commissioned a new pill production line making a total of seven production lines, enabling us to manufacture all the major drug types. This new production line in currently under the GMP certification by SFDA and is expected to be granted the GMP certificate as soon as next month to formally start the production," concluded Dr. Liu.
About S.E. Asia Trading Company, Inc.
S.E. Asia Trading Company, Inc. operates through its wholly-owned subsidiary, Lotus Pharmaceuticals International, Inc. ("Lotus"). Lotus has agreements with Liang Fang Pharmaceutical, Ltd. ("Liang") and En Zhe Jia Shi Pharmaceutical, Ltd. ("En Zhe"), two Chinese pharmaceutical companies located in Beijing, to manage all of their businesses and to control Liang and En Zhe. Liang and En Zhe form a large comprehensive enterprise, which deals in an integration of the production, trade, sales and marketing of pharmaceuticals. Together, they possess one of the most advanced pharmaceutical-production equipment used in China, workshops authenticated by the National GMP, a suite of various medicines produced by Liang and/or En Zhe (together, "Lotus East"), and a large number of high-tech personnel. Lotus East has business and office facilities of 2,000 square meters and a warehouse of 1,000 square meters. Lotus East performs scientific research on new medicines, and the production, wholesale and retail sale of medicines. For more information, visit http://www.LotusEast.com.
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