Vista Pharmaceuticals (524711) Q4 07/08 earnings summary

Executive summary

• FY 2007-08 revenue including other income was Rs 102.76 lakh; net loss after fringe benefit tax and prior-period adjustments widened to Rs 88.46 lakh from Rs 71.47 lakh.

• Expansion work was reflected in capital work-in-progress of Rs 550.23 lakh; US-market Bactrim Generic remained in development, pending US FDA approval.

Financial highlights

• Export turnover was Rs 102.44 lakh versus Rs 108.78 lakh YoY; other income was Rs 0.32 lakh versus Rs 1.02 lakh.

• Total expenditure was Rs 189.93 lakh versus Rs 181.27 lakh; depreciation was Rs 27.22 lakh versus Rs 26.22 lakh.

• Loss before fringe benefit tax and prior-period adjustments was Rs 87.18 lakh versus Rs 71.47 lakh; net loss was Rs 88.46 lakh versus Rs 71.47 lakh.

• Manufacturing and administrative expenses rose to Rs 100.71 lakh from Rs 90.66 lakh; material consumption was Rs 61.12 lakh versus Rs 63.46 lakh.

Outlook and guidance

• Bactrim Generic development for the US market was in progress; management expected sizable US market penetration after obtaining US FDA approval.

• The outlook was subject to raw-material availability, domestic and overseas prices, government regulation and tax changes, and demand and supply conditions.