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Govt pharmaceutical purchases from Agostini’s down
Agostini’s Ltd said in its third quarter (Q3) results released August 13 showed that pharmaceutical purchases by Government have declined. Agostini’s, a company involved in the distribution and marketing of a broad range of products that include pharmaceuticals, is the parent company of the SuperPharm chain. “Group sales of just over $1 billion were similar to the comparable period of 2013,” chairman Joseph Esau said in his remarks on the unaudited results for the nine months ended June 30. “Improvements in the sales of food, grocery and pharmaceutical products to the trade were offset by reduced construction contracts and lower pharmaceutical purchases by Government.”
Profit attributable to shareholders increased by 14.7 per cent to $61 million for the nine months ended June 30, the chairman said. Earnings per share increased to $1.04 from 91 cents over the same period in the prior year. “The debt to equity ratio remains strong at 23:77 at June 30, 2014,” he said. “The main contributors to these improved results were revenue and earnings growth at SuperPharm Limited and Hand Arnold Trinidad Ltd. Our eighth SuperPharm outlet at Diego Martin is on schedule to open in late 2014, while construction of our leased store at Mausica has been delayed, but is expected to commence in the current quarter.” Giving his outlook, Esau said: “Given our earnings improvement for the year to date, and expected positive results in the last quarter, shareholders can look forward to better results and dividends for this financial year.”