Pharmaniaga Records 26% Rise in Profit

KUALA LUMPUR, November 1, 2011 – Pharmaniaga Berhad (Pharmaniaga) recorded a profit after tax of RM11 million for its third quarter ended 30 September 2011. This marked an increase of 30% from RM8.4 million achieved for the same quarter of the last financial year. These results were achieved on the back of an increased revenue of RM371.4 million for the quarter under review.

For the cumulative period, the Group delivered an improved profit after tax of RM40.6 million, a 26% increase, compared with RM32.3 million recorded in the same period last year. These positive results were achieved on the back of a notably improved turnover of RM1.2 billion for the nine-month period.

EPS improved as well for the third quarter to 10.1 sen compared with 8.0 sen in the same period last year.

YBhg Tan Sri Dato’ Lodin Wok Kamaruddin, Chairman, Pharmaniaga Berhad said, “The third quarter of this financial year marks the fact that the new management team has been providing leadership for the last two quarters of the current financial year. Though the results in the third quarter are modest in nature, it has resulted in a significant improvement in profit before tax as well as turnover on a nine month basis. As we look to close the final quarter of this financial year we hope to see further gains to our bottom line.”

“What is most important is that we are strengthening systems, working at ways to improve cost management, aligning synergies particularly with the recent acquisition of Idaman Pharma Manufacturing Sdn Bhd. Moving forward, we are optimistic of domestic growth while we expect to see regional growth in the foreseeable future.”

Forward looking statements

This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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