ChinaBio Today -- Tongjitang Chinese Medicines Company reported that revenues dropped 36% in Q4 to 115 million RMB ($16.9 million). For the full year 2008, revenues were down 24% to 451 million RMB ($66.1 million). In Q4, the company took $14.5 million in writedowns from its two acquisitions, Guizhou LLF and Qinghai Pulante. These charges put net income into negative territory at a loss of 79 million RMB ($11.6 million). Without the charges, EBITDA was 23 million RMB ($3.4 million).
