Taro profit slips 50% despite austerity measures 17.11.2005 | 14:54 Shirley Yom Tov lousy, as expected Israel's Taro Pharmaceutical Industries (Nasdaq: TARO) today reported unchanged revenues for the third quarter of 2005 but had to admit that for all its efficiency measures, profit sank 50% to $2.1 million.
Third-quarter revenues were $72.5 million, slightly down from $73.3 million in the parallel quarter of 2004. But the last year figure included sales of products that Taro no longer sells, having sold the rights during 2005, hence the dip.
However, the rest of its financial statement was supposed to be positively impacted. Yet it was not.
Gross profit was $37.7 million, down from $42.5 million in the parallel.
Cost of sales and management and general expenditure dropped to $22 million in the quarter and operating profit increased to $3.7 million, from $2.4 million in the yesteryear quarter.
But Taro's net profit was just $2.1 million or 7 cents per share, compared with $4 million in the same period of 2004.
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