Generic drugmaker Lotus Pharmaceutical Co (美時化學製藥) drifted into the red in the first three quarters of this year due to a one-time payment for newly acquired Alvogen Group Inc.
However, vice president Hung Yao-le (洪堯樂) said by telephone that the company would strive to swing to the black this quarter.
Earlier this week, the company reported losses of NT$287 million (U$9.29 million) in the first three quarters of this year, compared with net profit of NT$26.99 million a year earlier, after it took over Alvogen’s subsidiaries in Taiwan, India and South Korea, as well as South Korea-based Kunwha Pharmaceutical Co.
However, Lotus Pharmaceutical’s consolidated revenue from January through September surged to NT$1.65 billion from NT$444 million the prior year, according to a filing with the Taiwan Stock Exchange.
Lotus attributed its losses partly to a one-time payment of NT$259.75 million to restructure the firm.
It added that the acquisitions proved beneficial, as from January through September, Lotus would have booked losses of NT$122.89 million, or NT$2.14 per share, had it not seized control of the other firms.
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