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Sigma swings to black in July half

Sigma swings to black in July half

Shares in Sigma Pharmaceuticals (ASX:SIP) climbed 11.54% on Wednesday, after the company reported a swing to a $26.7 million profit for the half-year ending in July.

The result compares to a $211.1 million net loss, mostly from discontinued operations, in the same period a year earlier.

Profit from continuing operations grew to $27.9 million - from a loss of $9.2 million - over the same period.

But revenue fell 2.4% to $1.37 billion, due to the impact of the withdrawal of Pfizer Australia products from Sigma's full line wholesaling network.

The company ended the half-year in a cash positive position. Operating cashflows grew to $105.9 million from $40.5 million.

CEO Mark Hooper said the results “reflect the progress we have made in rebuilding Sigma.” He said the company will continue to focus on profitable growth and improved working capital management going forward.

SIP shares closed out Wednesday's trading at $0.580.

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Tags pharmaceuticalsASX:SIPMark Hooperfinancial resultsSigma Pharmaceuticals Ltd

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