Subscribe


Pharmacy Daily

PD breaking news – Sigma warns of multi-million dollar pharmacy write-off

Provision for “doubtful debt relating to a single pharmacy group”. 

Sigma Pharmaceuticals has just flagged “one-off accounting adjustments” to its full year results for the 12 months to 31 January 2017, amounting to almost $20 million. That figure reflects an insurance premium recovery of $11.4 million announced last May, as well as “an additional provision for doubtful debt relating to a single pharmacy group”.

Sigma ceo and managing director, Mark Hooper, said the company continues to seek a resolution for the outstanding debt, “it was considered prudent to provide for the full extent of our exposure”. The company’s statement does not specify to which pharmacy group the issue applies.

Overall the company’s full year underlying earnings will amount to just over $100 million, up about 12% on last year. However the statutory result will be hit by the write-downs, meaning reported EBIT is expected to be broadly in line with last year.

“Whilst the one-off impacts are disappointing, Sigma’s business is in good shape,” Hooper said.

More details in Monday’s edition of Pharmacy Daily.


The above Breaking News Alert was sent to Pharmacy Daily subscribers on 17 Feb 17

Make a comment...



Established in 2007, Pharmacy Daily is Australia's leading pharmacy industry publication, and is sent as a free subscription to people across the industry as a PDF newsletter every weekday.

Register for Pharmacy Daily trial subscription

To sign up for a free subscription, click on the button at right.

Click here to see a sample issue of Pharmacy Daily.

Click here for more information on subscriptions.

Alternatively, you can search our site via the search box on the right hand side of the page, or find other content below.

Recent Pharmacy Daily articles

24 Apr

Weekly Comment 24 Apr 17: Omega-3’s – the facts behind the benefits - This week's contributor is Gerald Quigley, Pharmacist ...


24 Apr

Dispensary Corner 24 Apr 17 - A WORD to the owls; referencing animals ...


24 Apr

US opioid lawsuit - AMERICA'S Cherokee Nation has filed a court ...


24 Apr

New trazodone role - AUSTRALIAN approved antidepressant drug trazodone, a selective ...


24 Apr

CKD awareness low - WITH as many as one in 10 ...


24 Apr

Soft drink stroke risk - DRINKING artificially sweetened soft drinks has now ...


24 Apr

TGA determinations - THE Therapeutic Goods Administration (TGA) has posted ...


24 Apr

Opdivo MabThera nod - THE PBAC has recommended streamlined authority listings ...


24 Apr

MediTracker app rollout - PATIENTS who visit IPN Medical Centres across ...


21 Apr

Events Calendar 21 Apr 17 - 29-30 Apr: Victorian Pharmacy Conference 2017; Monash ...


21 Apr

Dispensary Corner 21 Apr 17 - Stoned by any other name is still ...


21 Apr

Meet Priceline’s newest pharmacists - PRICELINE is marking a milestone today with ...


21 Apr

Crocodile infections - NEW research out of Cairns Hospital in ...


21 Apr

TGA cannabis models - THE Therapeutic Goods Administration (TGA) has posted ...


21 Apr

Leishmaniasis studies - A COALITION of researchers from Monash University, ...


21 Apr

Symbion Engage gong - HEALTHCARE wholesaler Symbion has been awarded the ...


21 Apr

Slim-Vie risks alert - THE Therapeutic Goods Administration has issued a ...


21 Apr

That’s Life magazine advertising support - NATIONAL advertising through That's Life magazine, in ...


21 Apr

FOI on fluoride, hips - THE TGA has released documents under Section ...


21 Apr

New CVS store design - AMERICAN retail pharmacy group CVS has unveiled ...



Show Pharmacy Daily items by month: