News: Australian Pharmaceutical swings to profit

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Australian Pharmaceutical Industries (ASX:API) has swung to an interim profit after reporting a loss of $115 million the year before. 

The owner of the Priceline chain generated a net profit of $21.3 million in the six months to the end of February while underlying profit grew 32 per cent to $16.2 million. 

Australian Pharmaceutical has attributed the performance to earnings growth from its core business, a stronger financial position and disciplined cost control.  

Looking ahead the company believes business momentum will continue for the remainder of the 2015 financial year. 

A fully franked interim dividend of 2 cents per share has been declared.