(Alliance News) - Beximco Pharmaceuticals Ltd on Thursday reported double-digit earnings growth in the first quarter of its current financial year, thanks to product portfolio expansion.
The Bangladesh-based manufacturer of generic pharmaceutical products reported pretax profit of BDT1.1 million, about GBP10,391, for the three months to the end of September, up 16% compared to BDT972,744 a year ago, as revenue grew by 17% to BDT6.3 million from BDT5.4 million.
Only on Monday, Beximco had reported its full year results to June 30. Pretax profit grew by 18% to BDT3.95 billion, about GBP36.3 million, from BDT3.36 billion reported a year earlier, as net revenue rose by 29% to BDT22.82 billion from BDT17.72 billion.
"Building on the impressive financial and operational performance we delivered last year, we enter the first quarter of the current financial year with strong year-on-year growth, supported by our continued focus on expanding our product portfolio and strengthening our international presence," said Managing Director Nazmul Hassan.
"In line with this growth strategy, we launched our fifth product in the US during the quarter. We look forward to continuing to build on this momentum and deliver value for our shareholders in the year ahead," added Hassan.
The stock was trading 3.3% lower on AIM in London on Thursday at 40.15 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Beximco Pharma (BXP)