Loss narrows

AFT Pharmaceuticals narrowed its 2018 loss and expects to break even in the 2019 financial year as it dials back spending on research and development and lifts sales.

The Auckland-based maker of the Maxigesic painkiller reported a loss of $12.7 million, or 13 cents per share, in the 12 months ended March 31, compared with a loss of $18.4m, or 19 cents, a year earlier. Operating revenue climbed 16 per cent to $80.1m, of which Australian sales jumped 33 per cent to $49.2m due to over the counter sales of Maxigesic since restrictions were placed on the sale of codeine across the Tasman. Gross margin improved to 43 per cent from 38 per cent, and the pharmaceutical firm cut R&D spending 27 per cent to $8.2m. AFT, which had been targeting a return to profitability in the 2018 or 2019 financial year, expects to break even in the year ending March 31, 2019.

New Zealand dairy companies could lose the right to use terms such as Feta, Parmesan, Brie and Camembert if a free trade deal goes ahead with the European Union, warns a trade expert.

The EU has given the green light to trade talks with New Zealand and Australia, with free-trade agreement (FTA) negotiations set to take place in the coming months.

Trade commentator and former negotiator Charles Finny said it was “very good news” but the negotiations would have challenges. He said geographical indications around dairy could be the most challenging part of negotiations, although forcing change would be “ridiculous”.

“If you look at their mandate [the EU] you’ll see that they’ve got pretty strong interests in protecting their terminology and I would have thought we wouldn’t be too keen on that, so that will be a tough bit of the