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.