Strong sales boost API's full-year profit 22%

Strong sales boost API's full-year profit 22%

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.

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Tags APIpharmaceuticals2009 Financial Results

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