KUALA LUMPUR: Pharmaniaga Bhd’s net loss widened to RM49.3mil in the third quarter ended Sept 30 compared with RM13.9mil achieved in the same period last year.
Revenue for the quarter was lower at RM885.5mil against RM894.9mil while loss per share stood at 3.67 sen from 1.07 sen previously.
The pharmaceutical group said the lower revenue was driven by a noteworthy 33.4% decrease in sales within the non-concession business, stemming from the loss of a tender exercise for a blood cancer product.
Nevertheless, it said the impact was moderated by improved performances in the private market and Indonesia operations segments.
In the first nine months to Sept 30, Pharmaniaga posted a net loss of RM44.7mil compared with a net profit of RM14.5mil posted last year while revenue was flat at RM2.61bil from RM2.62bil a year ago.
The group said it is actively engaged in re-evaluating its business operations with a strong focus on fiscal discipline, restructuring of non-performing businesses, strategic optimisation of business activities, resources and assets, and implementing prudent cost management strategies.
“While undoubtedly challenging, it is an imperative process aimed at fortifying our position and swiftly resolving our Practice Note 17 (PN17) classification.
“In line with this commitment, the group will be submitting its requisite announcement (RA) to Bursa Malaysia on Nov 29. The RA highlights the group’s plan to raise sufficient funding to bolster its financial position and revitalise financial health, marking a crucial step toward exiting its PN17 status,” Phamaniaga said.
Looking ahead, Phamaniaga said the outlook is encouraging for the global healthcare sector, propelled by growing healthcare awareness, rising prevalence of non-communicable diseases and an increasing aging population, amongst other factors.
“In Malaysia, the compounded annual growth rate of the pharmaceutical industry is projected to outpace global growth, with the private market as a key driver. Along with robust prospects for the biopharmaceutical market as well as significant potential in the Indonesian market, Pharmaniaga will be in a position to tap into long term opportunities in the industries,” it said.