Australian Pharmaceutical Industries Ltd Forecasts cash positive at the end of 2017
Forecasts cash positive at the end of 2017: Australian Pharmaceutical Industries Ltd (ASX: API) stock surged around 3.6% on May 01, 2017 while the group had recently delivered strong first half of FY 17 results that drove the sentiment. There has been a 15% growth in the underlying NPAT of $29.1m on the prior corresponding period. The reported NPAT included a $2.4m loss on the sale of API’s shareholding in CH2 in the pcp. The Priceline/Priceline Pharmacy network grew to 450 stores in 1H 2017 by adding 25 stores, with 7.2% total retail network sales growth and comparable retail store sales growth up 0.4%. The company has reported net debt decrease of $84.4m from the same time last year and is expected to again decrease in the second half. API expects to be cash positive by the calendar year end. Moreover, API expects its Priceline Pharmacy network to expand by at least 20 stores in FY 17 to 462. API also expects to generate further operational improvements due to the major capital investments made in recent years.
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