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Shares in Australian Pharmaceutical Industries Limited (ASX:API) rose yesterday after the pharmaceutical distributor and retailer revealed it had swung from a loss to a first half profit.
The company that owns Priceline stores beat market expectations with first half net profit of $18.3 million, with underlying net profit growing 10 per cent to $11.8 million.
Chief Stephen Roche has described the result as solid and flagged significant growth between now and 2015.
A fully-franked interim dividend of 1.5 cents per share has been declared and the company has forecast earnings growth in the second half, assuming no change in conditions.
Shares in Australian Pharmaceutical Industries gained 8.82 per cent on Thursday, closing at $0.37.
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