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PD breaking news – API posts $114.9m statutory loss

API’s half year results show a statutory loss of $114.9m after impairment charge.

Australian Pharmaceutical Industries Ltd (API) posted a statutory loss of $114.9m in its half year results, following an impairment charge of $131m (PD 17 Apr).

The company said underlying net profit after tax was $16.2m, up 29% year on year, with Priceline Pharmacy reporting overall sales growth of 11.5% and gross profit up by $6.2m.  Store numbers were up 10 from the full year to 373.

API’s pharmacy division had underlying sales growth of 8%, excluding Pharmaceutical Benefits Scheme reforms, and gross profit margins were up year on year to 8.9%, but the sector saw a $575m revenue loss for the year so far, API ceo Stephen Roche said.

The Board said it would pay a fully franked interim dividend of 1.5 cents per share on 06 Jun.

API said it expected an underlying net profit after tax for the full year of around $28 to $30m, and expected to “sustain improvements in earnings performance”, thanks in part to an increased contribution from an expanding Priceline network.

For more, see tomorrow’s Pharmacy Daily.


The above Breaking News Alert was sent to Pharmacy Daily subscribers on 30 Apr 14

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