* Diluted headline EPS at 198.4 cents vs 220.7 cents
* Says to search for acquisitions in emerging mkts
(Adds details)
JOHANNESBURG May 29 (Reuters) – South Africa’s No.2 drug
maker Adcock Ingram posted a 10 percent fall half-year
earnings on Tuesday, hit by the loss of high-margin drugs and
said it would continue seeking acquisitions in emerging markets.
Adcock, the nation’s top over-the-counter drugs maker, said
diluted headline earnings per share totalled 198.4 cents in the
six months to end-March, compared with 220.7 cents a year
earlier.
The company said sales increased 5 percent to 2.25 billion
rand ($269.67 million).
Adcock has been struggling in recent months after losing
three drugs that contribute as much as 200 million rand sales
due to safety reasons while the weaker rand and lower consumer
demand added to the headwinds.
But the Midrand-based company has been teaming up with
global pharmaceuticals companies such as Merck Co to
co-distribute their products in Africa.
Adcock said it would continue looking for acquisition
opportunities in emerging markets, particularly Africa and
India.
($1=8.3435 South African rand)
(Reporting by Tiisetso Motsoeneng; Editing by Mike Nesbit)
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