ChinaBio Today -- China Pharma Holdings said its 2008 revenues climbed 54% to $51 million. Net income (excluding foreign exchange) rose 39% to $17.8 million, producing a net margin of 35%. Net income would have been even better, but the company’s tax rate rose from zero in 2007 to 9% in 2008. Unfortunately, increasing accounts receivable numbers have been the price for expanding its top line so quickly. The company said it ended 2008 with $15.9 million in accounts receivable, a sizeable increase from $5.4 million a year earlier.
