Subscribe & Follow

Advertise your job vacancies

Adcock Ingram bleeding money

Drug maker Adcock Ingram reported a headline loss per share of 179.5c for the nine months to June from headline earnings of 271.7c in the prior period.

29 Aug 2014

Adcock Ingram reported a loss of R962m this year after making a profit of R463m last year. It blamed the poor performance on lower sales and dealing with merger proposals. Image: Nenov Borthers Fotolia

Its loss for the period was reported at R962m from profit of R463m in the prior period.

While there were several reasons specific to the pharmaceutical sector for the group's weak trading performance‚ the board said in statement that these was "aggravated" by a poor economic climate in South Africa.

It said that Adcock Ingram's executive leadership had been immersed in and substantially preoccupied with the CFR merger proposal‚ which had failed.

The sales performance during the period under review was considered "disappointing"‚ resulting in turnover of R3.615bn.

Gross profit as a percentage of sales was reduced to 32%‚ largely because of the effect of currency weakness (16% depreciation)‚ which negatively affected the import costs of active ingredients and finished goods. This was compounded by input costs inflation.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za