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Aspen's profits tumble with R1.1bn loss
Aspen Pharmacare made a full-year loss after tax of R1.1bn, it said, citing the impact of a material contractual manufacturing dispute and asset impairments of R4.1bn.
Image credit: Christina Victoria Craft on Unsplash
The loss in the year ended 30 June compared to a profit after tax of R4.4bn the previous year. Group revenue edged 1% higher to R43bn.
The dispute, the details of which are subject to contractual confidentiality, relates to a manufacturing and technology agreement with a contract manufacturing customer for mRNA products, Aspen said.
Manufacturing revenue fell 21% to R11.1bn, while normalised earnings before interest, tax, depreciation and amortisation of R668m in constant currency ended 62% lower than the prior year, impacted mainly by the dispute within the finished dose form segment, the company said.
The dispute is the subject of a contractually prescribed adjudication process, Aspen said.
The company declared a gross dividend of 211 cents per share, down 41%.