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Beximco Pharmaceuticals Ltd on Wednesday said revenue increased in its latest year, but noted that rising costs and the lack of vaccine distribution income caused profit to fall. The generic pharmaceutical products and active ingredients’ manufacturer said pretax profit for the year ended June 30 was BDT6.07 billion, or £45.3 million, down from BDT6.69 billion the year before. Beximco said revenue increased 13% in the Bangladeshi currency to BDT39.27 billion, worth £293.2 million on Wednesday but reported as £288.6 million in Beximco’s final results, from BDT34.67 billion or £309.7 million. Beximco said the decline in GBP terms reflected ‘significant’ depreciation in the taka’s value over the financial year. Domestic sales increased 14% to BDT36.50 billion from BDT31.98 billion, while export sales increased 2.9% to BDT2.76 billion from BDT2.69 billion. Dhaka, Bangladesh-based Beximco also declared a BDT3.5 per share annual dividend, unchanged from the prior year. ‘We have once again been able to deliver significant revenue growth for the financial year, which is a testament to the underlying strength of the business,’ said Managing Director Nazmul Hassan. ‘Our continued focus on operational delivery meant that, over the period, we were able to launch a range of new products, attain notable regulatory approvals in key markets and continue to deliver high-quality, affordable medicines to patients around the world.’ The company attributed its decline in profit to rising costs driven by domestic currency depreciation, high inflation affecting its supply chain, and the absence of income from non-recurring vaccine distribution fees. Beximco’s cost of goods sold also increased 16% to BDT21.95 billion, while administrative expenses rose 3.8% to BDT1.18 billion and selling, marketing & distribution expenses increased 14% to BDT8.92 billion. Finance costs meanwhile jumped 28% to BDT1.29 billion. Shares in Beximco Pharmaceuticals were down 5.2% at 38.88 pence on Wednesday in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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