Sigma Fiscal Year Net Profit Attributable To Members A$49.2 Million
March 21 2012 - 5:30PM
Dow Jones News
Australian pharmacy owner and medicine distributor Sigma
Pharmaceuticals Ltd. (SIP.AU) said Thursday it returned to profit
in fiscal 2011 following two years of losses after gains in market
share and improved working capital.
The company said in a statement net profit for the 12 months to
Jan. 31 was 49.2 million Australian dollars (US$51.4 million), up
121% from the previous year's loss of A$235.4 million.
"Sigma continues to build an increasingly more efficient
business that will manage market competitiveness into next year,"
said Chief Executive Officer Mark Hooper in a statement.
The company said revenue for the year was A$2.85 billion, down
2.1% from last year's A$2.91 billion because of government reforms
to its subsidy scheme for medicines, the Pharmaceutical Benefits
Scheme, and Pfizer Inc.'s (PFE) decision to distribute directly to
pharmacies.
"Although major PBS reforms are expected to dampen sales, we
will continue to respond through cost reduction measures and the
re-negotiation of customer terms to negate the impact on Sigma's
business," Hooper said.
The company said it would pay a final dividend of 2 Australian
cents a share, and a special dividend of 1.5 cents a share. Last
year the company did not pay an interim or final dividend but a
special dividend of 15 cents a share.
-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095;
gavin.lower@dowjones.com
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