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Julphar’s loss down 30% in Q1-20; accumulated losses at AED 566m

Julphar’s loss down 30% in Q1-20; accumulated losses at AED 566m
Selling and distribution expenses dropped to AED 49.1 million
Julphar
JULPHAR
-2.73% 1.07 -0.03

Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) incurred AED 62.5 million in net losses attributable to shareholders during the first quarter of 2020, down from AED 89.1 million in the year-ago period.

Net sales fell to AED 114.6 million in the January-March period, compared to AED 118.3 million in the corresponding period of 2019, according to a statement to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

Meanwhile, selling and distribution expenses dropped to AED 49.1 million in Q1-20 from AED 64.3 million in Q1-19.

Loss per share amounted to 5.4 fils in the three-month period ended on 31 March, compared to 7.7 fils in the year-ag period.

The company’s accumulated losses amounted to AED 565.7 million, making up 49% of the capital which stands at AED 1.2 billion.

These accumulated losses are driven by the suspension of export medicines to Saudi Arabia, Bahrain, Kuwait, and Oman.

The company noted that the temporary suspension to Saudi Arabia, Bahrain and Oman has been lifted, while the suspension to Kuwait is forecast to be lifted in the near future.