Sigma Pharmaceuticals Ltd
(ASX:SIP) has booked a $218.5 million loss for the first six months of 2010, impacted by a $220 million impairment charge and competition in the drugs industry.
The loss compares to a profit of $32.2 million for the same time last year.
In August Sigma announced that it would sell its Pharmaceuticals Division to Aspen Pharmacare Holdings Ltd for $900 million.
Sigma’s lenders have since agreed to adjustments to its loan covenants to prevent any breaches as a result of the impairment. Managing director Mark Hooper says stability is returning to the business, and among the positive results, notes a strong increase in sales within the company’s Healthcare Division.
Sigma maintains its previous guidance of underlying earnings before interest and tax of between $140 million and $150 million for the full year ending on 31 January 2011.
Sigma Pharmaceuticals profit dropped from $80.1 million last year to a loss of $389 million in the 2010 financial year.
