Malaysia’s Pharmaniaga posts 97% plunge in quarterly profit

Malaysian pharmaceutical company Pharmaniaga posted a 96.8% plunge in quarterly profit due to non-recurring expenses.

The company reported on Wednesday (Nov 20) profit of 481,000 ringgit ($115,555) for the three months ending September 30 compared to 15.05 million ringgit for the same period in 2018.

Profit before tax dropped to 3.89 million ringgit from 17.6 million ringgit.

The company delivered an improved revenue of 717 million ringgit for its third-quarter, an increase of 22% versus 588 million ringgit for the same period last year.

The company foresees further impact on its earnings for the final quarter of the year due to higher amortisation of the Pharmacy Hospital Information System, it said.

“Nevertheless, the Group remains optimistic on long-term prospects, particularly given the extension by the Ministry of Health (MOH) for Pharmaniaga’s services for the provision of medicines and medical supplies to MOH facilities from 1 December 2019 to 31 December 2021.”

Pharmaniaga produces a wide range of JAKIM halal-certified products including Actimol menstrual tablets, Citrex Vitamin C, Oral rehydration salts, and paracetamols. Its Lifescience division manufactures various halal-certified injections, including atropine sulphate, ephedrine hydrochloride, and dextrose.

($1 = 4.1625 Malaysian ringgit)

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