Life Pharmacy has confirmed advice from Monday of an annual net loss of $6.6 million, including a $6 million write-down on investments.
The reduction in the group’s investment in associates followed an assessment of the last two years ‘ trading and a review of the latest financial forecasts for associate companies, Life said today.
The net loss before the $6m write-down for the year to March 31 was $527,000, compared to a profit of $1.1m the year before.
Life Pharmacy holds a 49 per cent shareholding in 17 pharmacy companies, representing 16 of the 21 Life Pharmacy stores in New Zealand.
It said the aggregate trading result for its stores was disappointing, with a 5 per cent reduction in store earnings before interest, tax, depreciation and amortisation (ebitda) on the prior period.
On a like-for-like stores basis, aggregate store ebitda was 3 per cent ahead of the prior period.
Directors were seeking a strong improvement in store profits in the current year, Life said.
Read More
No comments yet.