PETALING JAYA: Pharmaniaga Bhd’s net profit for the fourth quarter ended Dec 31, 2018 plunged 79.6% to RM4.44 million from RM21.7 million a year ago due to lower demand from government hospitals and higher finance costs.
In a filing with Bursa Malaysia, Pharmaniaga said its results in the corresponding quarter last year included a one-off compensation receivable in relation to a previous joint venture company in China.
The group said the lower profit was also due to recognition of prior years’ corporate tax.
Revenue for the quarter fell 2.7% to RM596.64 million from RM613.2 million.
Pharmaniaga declared a fourth interim dividend of 2 sen for FY18 to be paid on April 10, 2019.
For the financial year ended Dec 31, 2018 (FY18), its net profit fell 21.1% to RM42.47 million from RM53.82 million a year ago while revenue rose 2.6% to RM2.38 billion from RM2.32 billion.
Moving forward, the group expects the economic landscape to be challenging with moderate growth fueled by the government’s implementation of policies that are expected to boost private consumption and consumer spending.
The group said it will continue to focus on strengthening business synergies between its overseas subsidiaries, PT Millennium Pharmacon International TbK and PT Errita Pharma to tap into opportunities in the Indonesian market.
