API reports 16% profit boost and more Priceline stores

Company News

by David Chau

Australian Pharmaceutical Industries Ltd (ASX:API), which owns the Priceline and Soul Pattinson Chemist brands, has released its results for full year ended 31 August 2016.

API reported its net profit after tax rose 16% to $51.7 million, and its earnings before interest and tax went up almost 18% to $87.1 million.

The company says these results were driven by increased profits, low debt and an improved working capital position.

API declared a fully franked final dividend of 3.5 cents per share, which is 40% higher than the same period last year.

As for outlook, the company is focusing on its Priceline pharmacies, and expects to open another 20 stores during the year. 

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.