OPERATING INCOME. Operating income for the fourth quarter increased 45.6% to RMB50.7 million ($8.2 million) from RMB34.8 million in the prior year period. With the increase in administrative costs largely being contained, the benefit of rising revenue and gross margin expansion helped to fuel the operating margin expansion from 34.9% in the prior period to 38.2%, however the benefit was also partially offset by increased sales and marketing efforts. Depreciation and amortization expenses for the fourth quarter were RMB11.3 million ($1.8 million), compared to RMB7.7 million in the prior year period.
Research and Development Expenses. Research and development expenses increased to RMB2.2 million ($0.4 million) compared to RMB2.0 million in the prior year period.Sales and Marketing Expenses. Sales and marketing expenses for the fourth quarter amounted to RMB26.1 million ($4.2 million). As a percentage of revenue, it increased to 19.6% in the fourth quarter of fiscal 2013, compared to 16.6% in the prior year period. The increase in sales and marketing expenses represented more comprehensive marketing efforts and an increase in the Company's sales force, which was consistent with management's expectations and sets the stage for the Company's ongoing market penetration efforts.
General and Administrative Expenses. General and administrative expenses were RMB27.0 million ($4.3 million) compared to RMB23.1 million in the prior year period. As a percentage of revenue, it decreased to 20.3% in the fourth quarter of fiscal 2013, compared to 23.1% in the prior year period, which was generally consistent with the general
SOURCE China Cord Blood Corporation
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