Vista Pharmaceuticals (524711) Q4 06/07 earnings summary

Executive summary

• FY07 total income was Rs 109.80 lakh and net loss was Rs 71.47 lakh, versus prior-year profit of Rs 1,627.46 lakh, which included a large provision write-back.

• Export sales increased to Rs 108.78 lakh from Rs 103.81 lakh; no dividend was recommended.

• Expansion work for US-market generic production continued, with capital work-in-progress rising to Rs 186.12 lakh from Rs 37.21 lakh.

Financial highlights

• Total income fell to Rs 109.80 lakh from Rs 1,804.97 lakh; prior-year income included Rs 1,699.99 lakh of provisions written back.

• FY07 expenditure was Rs 181.27 lakh versus Rs 177.50 lakh; loss for the year was Rs 71.47 lakh versus prior-year profit of Rs 1,627.46 lakh.

• Export turnover was Rs 108.78 lakh, up from Rs 103.81 lakh; other income was Rs 1.02 lakh versus Rs 1.16 lakh.

• Production was 30.533 million tablets/capsules versus 38.505 million in FY06; reported turnover volumes matched production in both years.

Outlook and guidance

• Facility expansion was expected to be completed during FY08, supporting manufacture of a generic Bactrim product for the US market.

• Management said expansion completion was expected to strengthen market positioning and stated it was working toward its targets.