News: API opens new stores despite profit fall

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Australian Pharmaceutical Industries Limited (ASX:API) has opened 10 new stores and  reported a $12.9 million net profit for the first six months of the 2013 financial year. 

 

The result was down 29.8 per cent compared to the $18.3 million net profit in the prior corresponding period.

 

The pharmaceutical company which operates the Priceline and Priceline Pharmacy network lifted its total number of stores to 360.

 

API CEO and Managing Director Stephen Roche said that the Priceline Pharmacy store network program was proceeding well, and the drug distribution division was proving resilient in the face of reforms to the federal government's drugs subsidy scheme.