(Yicai Global) April 26 -- Chinese diagnostics firm BGI Genomics fulfilled its expectations and increased its net profit by nearly four times in the first quarter as the demand for Covid-19 testing services remains high abroad.

Net profit jumped to CNY525 million (USD80.9 million) over the three months from a year ago, the Shenzhen-based company said in an earnings report released yesterday. Revenue almost doubled to CNY1.6 billion (USD246.6 million).

Full-year earnings were as good as expected. Net profit climbed by almost eight times to CNY2.1 billion. The company had said on Jan. 27 that the figure was likely in the range of CNY2 billion to CNY2.3 billion. Revenue almost doubled to CNY8.4 billion amid the global testing drive.

Investors were not surprised. Shares of BGI Genomics [SHE: 300676] were 0.3 percent up at CNY132.22 (USD20.40) in the afternoon.

Overseas business revenues made up more than 60 percent of the total for the first time. Meanwhile, China's mainland accounted for more than a third of the total tally.

By December 2020, BGI Genomics' Covid-19 detection products were sold in more than 180 countries and regions around the world. Moreover, the company had supplied over 80 "Fire Eye" mobile testing labs to nearly 30 countries and regions.

Editor: Emmi Laine, Xiao Yi