(Yicai Global) Oct. 28 -- China's BGI Genomics has increased its profits by nearly 14 times in the third quarter due to the rising global demand for Covid-19 testing kits. But the epidemic may not be here to stay, the firm cautioned its investors.

The genome sequencing company's net profit multiplied to CNY1.1 billion (USD157.3 million) in the three months ended September from a year ago, the Shenzhen-based enterprise said in its earnings report published yesterday.

In the first three quarters, BGI's net profit rose 10 times to CNY2.7 billion (USD402.9 million) from a year earlier. Its revenue more than tripled to CNY6.8 billion.

The company had expected a big improvement in its performance, mainly because of the booming demand for Covid-19 testing equipment, according to its earnings forecast released on Oct. 15.

However, BGI warned its investors about uncertainties as no one knows if or when the Covid-19 pandemic is contained globally while future sales may depend on export policies and market demand. Moreover, the domestic market is becoming saturated with rivals.

Many of the medical firm's nucleic acid and antibody testing kits have obtained certifications by the European Union as well as some countries, and have been added to the World Health Organization’s Emergency Use list which should speed up market entry.

Moreover, BGI has sought to enhance testing procedures by debuting its inflatable Fire Eye laboratory and provided training to staff. It has also set up a production facility in Ethiopia to sell more tests abroad.

BGI Genomics stock price [SHE:300676] fell 0.2 percent to CNY135.21 (USD20.20) this morning.

Editor: Emmi Laine