July 15, 2020 / 2:41 AM / a month ago

China's BGI forecasts 700% jump in first-half profit due to COVID-19 test kit demand

FILE PHOTO: A technician works at a genetic testing laboratory of BGI, formerly known as Beijing Genomics Institute, in Kunming, Yunnan province, China December 26, 2018. Picture taken December 26, 2018. REUTERS/Stringer

SHANGHAI (Reuters) - China’s BGI Genomics Co (300676.SZ) said on Tuesday it expects first-half net profit to be about eight times the amount reported in the same period last year after the global pandemic created a surge in demand for its coronavirus test kits.

The genomics company, which said it has distributed more than 35 million kits across 180 countries and regions, forecasted a net profit of between 1.53 to 1.63 billion yuan (£173.57-£184.97 million) in the six months to end-June, a jump of around 700% from 198 million yuan a year ago.

The novel coronavirus, which first emerged in China late last year, has to date infected over 13 million people globally and killed more than 575,000.

The purchase of test kits from BGI – Beijing Genomics Institute - which has grown into one of the world’s largest genomics companies over the past two decades - has been controversial in some countries.

In May, the Australian government said its purchase of 10 million coronavirus test kits from Chinese genomics company BGI will not risk patient privacy.

BGI Genomics Co is the listed subsidiary of BGI.

Reporting by Brenda Goh; Editing by Ana Nicolaci da Costa

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below