Thursday, 3 May 2012

Pharmaniaga 1Q net profit up 85% year-on-year on higher sales

KUALA LUMPUR (May 3) : PHARMANIAGA BHD [] says first quarter net profit rose 85% from a year earlier as revenue growth mitigated the impact of higher operating cost, besides finance and tax expenses.

In a statement to the exchange, Pharmaniaga said net profit came to RM28.69 million in the quarter ended March 31, 2012 versus RM15.48 million previously as revenue grew 16% to RM446.75 million from RM385.33 million.

The pharmaceutical products manufacturer said revenue had risen following the inclusion of income from a newly-acquired subsidiary Idaman Pharma Manufacturing Bhd.

Looking ahead, Pharmaniaga said it hopes to boost bottom line by streamlining its production and procurement functions to reduce operating cost.

In a separate statement, the firm said it plans to pay a first interim single-tier dividend of 7.5 sen a share for financial year ending December 31, 2012. Conglomerate BOUSTEAD HOLDINGS BHD [] owns some 72% in Pharmaniaga.

Pharmaniaga chairman Tan Sri Lodin Wok Kamaruddin said the company had been able to clock in strong results, due to a combination of factors including growth in turnover, improved efficiency, revenue from its newly acquired Idaman Pharma Manufacturing Sdn Bhd which contributed 25% of the group’s pre-tax profit and improved revenue from its Indonesian operations.”

“We are optimistic of 2012’s prospects and are committed to expanding our business locally and internationally in order to enhance shareholder value as we look to move up the pharmaceutical value chain this year.”

“Given our strong opening results for this financial year, we have declared an interim dividend to our existing shareholders and we are confident to continue rewarding them for as long as our earnings track record is sustained or surpassed,” he said in a statement Thursday.

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