Sigma shares soar on back of firm’s good news
SHARES in Sigma Pharmaceutical Ltd rose more than 12 per cent after the company said it had almost halved its full year net loss and forecast a return to profitability.
The company behind Australian pharmacy retail brands Amcal, Amcal Max and Guardian said the net loss declined to $ 235.38 million for the year to January 31, from a net loss of $ 398.28 million a year earlier.
The result follows the sale of its Aspen Pharmacare Holdings unit in South Africa earlier this year.
The company used the $ 900 million net proceeds of the Aspen sale to pay down its debt burden, the Melbourne-based company said yesterday.
The financial result includes a full year of activities from the pharmaceutical division that was sold to Aspen Asia Pacific Pty Ltd on January 31.
Managing director Mar k Hooper said he was pleased the company was still growing after the sale of Aspen Pharmacare.
He said he was ‘‘ somewhat surprised’’ by the share market reaction to the financial result.
‘‘ I wasn’t quite sure what it would do, maybe it’s just the confirmation of the special dividend.’’
A special, fully franked dividend of 15 cents a share would be paid on May 11 arising from sale.