HALF YEAR RESULTS: PHARMADEKO LOSES GRIP

It appears as if PharmaDeko PLC has lost grip over its costs even as turnover tumbled by half year to June and so, may end the year in loss league.

According to interim results released last week, tough times not only depressed PharmaDeko's total income by 55.6% to N380.3m, it forced loss of firm grip on cost thus landing the company into loss league.

By the close of 2015 half year, the company had recorded a modest N140.9m profit before tax and ended the year with N701.7m although only N286.2m of that came from normal operations.

By June this year, N138m loss was reported principally because all cost units refused to go down in toe with income drop and so, it may be tough to report profit come year end.

In all, cost of sale decreased by only 46% to N208.5m; selling and distribution cost dropped by 41% to N80m and in fact, administration expenses rose, not decreased, by 18.2% to N229.8m.

Hitherto, income from other sources had tumbled to 95.6% to N0.93m thus helping to ensure PharmaDeko grappled with N36.3 loss on each N100 income by half year compared to N16.4 gain previously.

PHARMADEKO PLC: Nm
                  Half year
                    2016.       2015
Total inc.    380.3.     857.4
Core inc.    379.4.     836.3
Cost of sale 208.5.  386.4
Other inc.      0.93       21.1
Distribution 80.0     135.7
Admin.       229.8.    194.4
Profit.        (138.0)   140.9
Profit margin (36.3). 16.4

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