Pinewood Labs posts €7.7m loss
Pinewood Laboratories, the Tipperary-based pharmaceutical firm, was pushed into a €7.7m loss in the 15 months to the end of March after it paid a €9.6m dividend to its Indian parent firm, accounts show.
Pinewood, which was acquired by Wockhardt four years ago in a €100m-plus deal, recorded turnover of €71.3m in the 15-month period, down from the €59.8m that had been posted in the 12 months to the end of December 2008.
The company generated an operating profit of €1.9m. The loss posted for the 15-month period after paying the dividend to Wockhardt comes after the Irish subsidiary paid €6.3m in dividends to the Indian firm in the previous reporting period, pushing Pinewood into a €513,000 loss.
The accounts note that Pinewood's corporate objective is to sustain a revenue growth rate of 20pc plus market growth through new product introduction and penetration of new geographical markets.
Since acquiring Pinewood in 2006, Wockhardt has considered selling the unit in order to play down debt.
The latest set of accounts also note that the company made a €2.6m loss on derivatives in the 15 months to the end of March.