JOHANNESBURG (Reuters) - South Africa's No.2 drug maker, Adcock Ingram Holdings Ltd, reported a worse-than-expected 9 percent fall in full-year earnings, hit by the loss of high-margin drugs and unfavourable currency swings.
Adcock said diluted headline earnings per share totalled 422 cents in the year to end-September, from 465 cents a year earlier.
The results fell short of the 430 cents forecast by StarMine's SmartEstimate, which gives more weight to forecasts from top rated analysts.
Headline EPS, the main profit gauge in South Africa, excludes certain one-time items.
The company said sales were largely flat at 4.6 billion rand, but it raised its final dividend by 8 percent to 115 cents per share.
Adcock has been struggling in recent months after losing three drugs that contributed as much as 200 million rand in sales due to safety reasons while the weaker rand and lower consumer demand added to the headwinds.
Shares in Adcock are down nearly 12 percent so far this year, far behind its closest rival Aspen Pharmacare, which has surged more than 60 percent.
Source: http://news.yahoo.com/africas-adcock-fy-profit-down-lags-consensus-061732732--finance.html
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