Indies Pharma Jamaica is reporting a 38.5 per cent decline in net profit for the six months ended April 30, despite signs of recovery from the effects of Hurricane Melissa.
The pharmaceutical company posted net profit of 84 million dollars, with revenue declining by five per cent to $565 million.
Indies Pharma says the hurricane disrupted operations and suppressed revenue growth in the first quarter, but second-quarter results showed improvement.
For the three months ended April 30, gross sales increased 5.6 per cent, while gross profit rose 5.1 per cent, but quarterly net profit slipped one per cent to $6.9 million.
The company says its financial position remains strong, with total assets increasing 22.1 per cent, boosted by the revaluation of a three-acre property earmarked for the construction of the company's corporate headquarters.
The property was revalued at US$7.5 million after receiving all required development approvals.
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