KUALA LUMPUR: Pharmaniaga Bhd
’s net profit surged fourfold to RM15.05mil in the third quarter ended Sept 30, compared with RM3.58mil, mainly due to recognition of prior year’s corporate tax.
In the third quarter, the pharmaceutical group recorded a higher revenue of RM588mil, up by 2.3% compared with RM575mil previously, mainly due to increased demand from Government hospitals.
The improved revenue, coupled with lower operating expenses, resulted in an increase in the group’s pre-tax profit to RM18mil, from RM15mil in the same quarter last year.
Pharmaniaga declared a third interim dividend of five sen per share. The dividend is payable on Jan 3 with the ex-date set at Dec 3.
In a statement, Pharmaniaga said the consistently high demand from Government hospitals enabled Pharmaniaga to boost its year-on-year revenue to RM1.8bil, a 4.5% jump from the RM1.7bil recorded in the corresponding nine months, last year.
It said the group converted the better revenue into a higher pre-tax profit of RM58mil compared with RM53mil in the same period last year, as continuous cost containment yielded lower operating expenses. Consequently, the group saw a year-to-date net profit of RM39mil.
Its logistics and distribution division recorded a significant gain, with a pre-tax profit of RM12mil for the nine-month period, compared with RM5mil in the same period last year.
The manufacturing division maintained its steady performance, posting a pre-tax profit of RM50mil, on par with last year’s corresponding period.
Meanwhile, the Indonesia fivision reported a pre-tax of RM100,000, lower than the RM3mil recorded in the same period last year, mainly due to a weakened Indonesian rupiah against the Malaysian ringgit and increased finance costs.
Spokesperson from Pharmaniaga commented, “We are pleased to deliver an improved performance on the back of our strong fundamentals and continuous operational improvements. We are confident on a positive outlook ahead for the group, particularly in light of the Government’s recent Budget 2019 announcement, which reflects a strong commitment towards scaling up the healthcare sector.”
“The Group welcomes the 2019 Budget recently tabled by the Government, which included an enhanced allocation of nearly RM29bil for Ministry of Health. A major portion of the allocation is for the provision of medicine, and to upgrade the quality of health services in Government clinics and hospitals,” the spokesperson said.
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