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PD breaking news – API expects first half profit up 20%

Up from $16.2m in first half of last year. 

Australian Pharmaceutical Industries (API) has said it expects its net profit after tax for the first half of the year to be up 20 to 25% on last year’s figure of $16.2m.

Speaking at the company’s annual general meeting, ceo Stephen Roche said for the current financial year to 24 Jan, the results for Priceline/Priceline Pharmacy had been a total sales growth rate of 7.5% and a comparable store growth rate of 2.4%.

It expected to reach 20 new stores for the financial year by May, with more expected during the year.

These results, combined with continued steady performance of the pharmacy distribution business meant net profit after tax was expected to be up on last year’s first half result, Roche said.

API posted a statutory loss of $114.9m in its half year results last year, following a $131m impairment charge, with underlying net profit after tax of $16.2m, up 29% year on year (PD 01 May 14).

For more, see tomorrow’s Pharmacy Daily.


The above Breaking News Alert was sent to Pharmacy Daily subscribers on 30 Jan 15

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