Vista Pharmaceuticals (524711) Q4 02/03 earnings summary

Executive summary

• FY03 remained loss-making: revenue rose to Rs 1.38 crore from Rs 1.05 crore, while the loss for the year was Rs 2.76 crore before a Rs 1.43 crore debit for prior-period adjustments. The accumulated loss reached Rs 15.09 crore.

• Operations focused on generic formulations for regulated global markets, with US exports and plans to expand into additional international markets.

Financial highlights

• Revenue was Rs 1.38 crore in FY03 versus Rs 1.05 crore in FY02; export turnover accounted for Rs 1.3779 crore and other income Rs 45,883.

• Total expenditure was Rs 4.14 crore versus Rs 3.39 crore; financial charges were Rs 2.19 crore, including Rs 2.18 crore interest on secured loans.

• Loss for the year was Rs 2.76 crore; a Rs 1.43 crore prior-period debit brought the loss carried forward to Rs 15.09 crore, versus Rs 10.85 crore in FY02.

• Export sales receipts were US$283,765.10, equivalent to Rs 1.3779 crore, versus US$217,638 and Rs 1.0517 crore in FY02.

Outlook and guidance

• FY04 export sales were projected at Rs 1.75 crore, with results expected to be significantly influenced by the US economy.

• Planned growth included entry into Bolivia, Chile, Peru, Haiti, El Salvador, Turkey and Vietnam, plus development of US prescription and controlled-release products.