Aust Pharmaceuticals profit dips

Group warns of depressed retail sales, ongoing government reforms to the PBS.

Australian Pharmaceutical Industries (API) has warned it faces challenges including depressed retail sales and ongoing government reforms to the Pharmaceutical Benefits Scheme, but reaffirmed its strategy to grow its portfolio of pharmacy stores.

Net profit attributable to members was $24.3 million in the year to August 31, a 19.8% decrease compared with $30.3 million in the previous corresponding period.

Revenue inched down by 0.4% to $3.19 billion in the full year, compared with $3.2 billion in the prior year.

The group will pay a final dividend of 1.75 cents per share, fully franked.