API looks to future
December 16, 2011
FOR the financial year ending 31
August, Australian Pharmaceutical
Industries reported a net loss of
$23.3m, including a financial
guarantee and impairment charge
of $50m and an expected timing
loss of $3.6m after accounting for
the material damage suffered to its
Qld distribution centre.
The company’s underlying net
profit was $20.8 million, compared
to $22.6m year-on-year, with
revenue also down by 7.6% on last
year’s results, due in part to the
impact of PBS reforms, Pfizer’s
direct distribution system and the
Queensland floods.
“This has been a challenging year
for API with market conditions and
significant non-recurring items
impacting our results,” a company
statement said.
“While we started the year
knowing we faced a tough retail
environment and that major PBS
reforms would continue a
deflationary cut to API’s revenue
base from February 2011 we did
not expect to be confronted with
Pfizer Australia withdrawing from
wholesale distribution in Australia
or the material damage following
the Queensland floods which
closed our Brisbane distribution
centre.
Moving forward the company said
it was “cautiously optimistic that
the current financial year will
deliver an improvement” in its net
profit.
The above article was sent to subscribers in Pharmacy Daily's issue from 16 Dec 11To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 16 Dec 11
