API books first half loss of $115m

 In Australia, NewZealand, Pharmacy
Pharmacies supplier and health and beauty retailer Australian Pharmaceutical Industries has booked a loss of $115 million for the first six months of its fiscal year, after major asset writedowns.
The first half net loss compares to a $12.9 million profit for the same period in the prior year.
API, which owns the Priceline, Priceline Pharmacy, Soul Pattinson and Pharmacist Advice brands, announced asset writedowns of $131 million earlier in April, mainly related to changes to the value of its loans to pharmacies and a review of the expected growth of its retail network.
API’s underlying profit, which excludes the writedowns, rose 29 per cent to $16.2 million.  Sydney Morning Herald – Read more…

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