Pharmaniaga quarterly earnings at RM17.6mil

PETALING JAYA: Diversified group Pharmaniaga Bhd has posted a 7% dip in earnings to RM17.59mil for its first quarter ended March 31 from RM18.92mil in the same period a year ago on the back of a marginal fall in revenue to RM617.92mil.

It has also declared a first interim dividend of five sen per share with the entitlement and payment dates on June 1 and 20, respectively.

The largest portion of the group’s profit was attributed to its manufacturing division, which also registered a lower profit before tax of RM20mil from RM26mil in the previous year due to lower demand in the concession business and increased research and development (R&D) expenses.

The group’s logistics and distribution division posted a jump in profit before tax to RM10mil from RM2mil in the previous corresponding quarter due to improved streamlining of marketing and promotional expenses.

In Indonesia, the group posted a loss of RM400,000 compared with a profit before tax of RM900,000, as the ringgit depreciated against the rupiah and finance costs increased.

“With improved contributions from its concession business, as well as higher demand from the private sector business and its Indonesian operations, the group is poised to further tap into vast market opportunities, both in Malaysia and abroad.

“R&D remains the key driver of growth, resulting in increased product offerings to both domestic and international markets,” the group said in a filing with Bursa Malaysia.