Pharma-Deco turnover drops 55% in 1H2016

Pharma-Deko Plc, a reputable pharmaceutical and consumer manufacturing company, has declared huge decline of 54.63 per cent in its turnover for the half year ended June 30, 2016.

The company’s in the half year unaudited result sent to the Nigerian Stock Exchange reported turnover of N379.417 million in 2016 as against N836.347 million of half year 2015, represented a dropped of N456.928 million.

Although, the company in the report stated that non availability of key products during the half year 2016 affected the revenue declared.

Moreover, it also described the delay in completion of overhauling of the equipment and the factory extension as part of the factors affected the massive dropped in its turnover.

Pharma-Deco’s was able to reduce the cost of sales during the period under review by N177.855 million, translating to 46 per cent as the cost stood at N208.542 million from N386.397 million of 2015.

Distribution, admin and other expenses down by N20.311 million from N330.146 million of 2015 to end 2016 half year at N309.835 million.

However, it recorded negative figure of N138.033 million as loss for the period as against N140.946 million profit for the same period of 2015.

Its earnings per share for the half year 2016 was in negative of -N63.63 kobo compared to N107 kobo earnings per share of 2015.

The company’s said, the marginal increase in its cost of sales was due to high cost of operations and increase in exchange rate.