Mayne Pharma Group Limited (ASX: MYX)- Mayne continues to rise despite posting $133.9 million loss

  • Aug 24, 2018 AEST
  • Team Kalkine
Mayne Pharma Group Limited (ASX: MYX)- Mayne continues to rise despite posting $133.9 million loss

Mayne Pharma’s net profit fell to negative $133.9 million despite recording strong performance in the second half of 2018. In 2H18 the ‘reported’ EBITDA increased 307% on 1H18, reflecting benefits derived from generic products performance growth, portfolio optimization, and cost savings.

But bringing first half and second half results together for the period ended 30 June 2018, company’s revenue slipped 7%, gross profit down 19% and reported EBITDA declined by 48% on prior year. Reported net loss after tax was $133.9 million compared to $88.6 million profit in FY17.

 The company’s negative results mainly relate to one off transactions including stock obsolescence, impact of US tax reforms, restructuring expenses and asset impairments incurred in first half 2018.

No dividend has been declared for the fiscal year ended 30 June 2018.

Despite posting overall loss for FY18, second half year performance popped up Mayne’s stock by daily price change of +5.714% to trade at $1.110 on ASX today, i.e. 24 August 2018.

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