AFT Pharmaceuticals has announced that it expects to report an operating loss of just under $2 million for the six months to September 30, 2024.
The company attributed the loss to lower international and Asia sales, which were impacted by one-off factors.
AFT said sales to international markets declined due to reduced orders from several large customers, while in Asia, Maxigesic IV sales were significantly affected by a doctors' strike in South Korea.
The company's first-half earnings were also impacted by lower licensing income and increased investment expenses in new territories.
However, AFT said sales and operating profits in Australia and New Zealand achieved double-digit growth.
The company anticipates a recovery in sales momentum in the second half of the financial year.
AFT Pharmaceuticals, which is a New Zealand-based multinational pharmaceutical company, said it remains well-capitalised, with net debt of $19.4m at the end of September.
It expects to provide an update on its full-year guidance when it releases its interim results on November 21, 2024.
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