Australian Pharmaceutical Industries (ASX:API) lifted its full-year profits 22.3% to $18.6 million, driven by strong sales from its Priceline and Soul Pattinson stores.
The company’s overall revenue grew 9.6% to $3.5 billion. Revenue from the pharmacy division increased by 11.3% to $2.8 billion, while sales from Priceline stores increased by 5.4%.
API also announced it would collect $150 million via an equity raising. The fully underwritten offer will consist of a $112 million non-renouncable entitlement offer and a $38 million institutional placement.
Looking ahead, the company expects a growth in post-tax profit of around 10% for the 2010 financial year, API said.