Vista Pharmaceuticals (524711) Q4 04/05 earnings summary

Executive summary

• FY2004-05 revenue was Rs 1.03 crore and the reported annual loss was Rs 3.38 crore; exports to the US were Rs 102.21 lakh.

• Accumulated losses reached Rs 21.41 crore, while an IDBI repayment default of Rs 1,991.66 lakh, including interest and damages, was reported.

Financial highlights

• Income was Rs 1,03,25,806 versus Rs 1,14,52,213 in FY2003-04; total expenditure was Rs 4,41,28,284 versus Rs 4,21,31,819.

• Reported loss for the year was Rs 3,38,02,478 versus Rs 3,06,79,606; FY2004-05 included Rs 16,11,374 in prior-period adjustments.

• Financial charges rose to Rs 2,76,17,621 from Rs 2,43,94,276; exports were Rs 1,02,20,601 versus Rs 1,13,56,314.

• Cash and bank balances were Rs 1,21,053 at year-end, compared with Rs 7,21,144 a year earlier.

Outlook and guidance

• Priorities included upgrading the facility to current GMP requirements for regulated markets, developing drug-delivery systems and introducing formulation technologies globally.

• R&D plans focused on better quality measures, controlled-release dosage forms and manufacturing cost reduction.

• No dividend was recommended for FY2004-05.