Singapore, Aug 18, 2010: Malaysia's top pharmaceutical company, Pharmaniaga Group has announced its results for the first six months of 2010. Revenues were 3.2 percent ahead of the same period last year at $211 million (RM667.9 million), whereas, profit before tax was down by 26.3 percent at $10.4 million (RM32.8 million).

Performance for the second quarter (Q2) of 2010 however, showed a marked improvement over the first quarter with revenues ahead by 10.3 percent at $100.3 million (RM317.6 million), and a 63.7 percent jump in profit before tax at $6.4 million (RM 20.3 million).

Commenting on the results, Managing Director of the company, Mr Mohammad Abdullah said, “I am very encouraged by these numbers we have achieved. Production throughput is better compared to first quarter this year. Improved internal efficiencies and productivity are essential if we are to mitigate the impact of rises in selling, distribution and personnel costs. The gains we have made in all these areas are now showing through and will help us sustain this momentum for the rest of the year.”

For the second quarter of 2010, the Group's revenue of $110.6 million (RM350.3 million) was 5.1 percent higher than the $105.3 million (RM333.2 million) registered in the same quarter last year. However, despite the increase in revenue, the company's profit before taxation declined by 16.5 percent to $6.4 million (RM20.3 million), from $7.7 million (RM24.3 million) in the same quarter last year.

According to sources, the company is planning to invest more than $95 million (RM300 million) to develop 92 new products over the next five years to grow its business.