CIO

Pharma group Sigma boosts profits despite spending slump

Australian drug maker Sigma said its first-half net profit grew 4.9 percent to $32.2 million despite a decrease in consumer spending on pharmaceuticals.

The company recorded revenue of $1.52 billion, a 3.5 percent year-on-year increase.

But revenue from the company’s pharmaceutical division fell 8.4 percent to $301 million during the period, Sigma said, although the market was showing signs of stabilising by the end of the reporting period.

The company’s healthcare division fared better, with revenue up 6.9 percent to $1.22 billion. Ebitda also increased 8.2 percent to $31.3 million.

The company is projecting modest growth for the rest of the year. Sigma stock on the ASX rose 0.47 percent to $1.075 following the announcement.