South African pharmaceutical group Adcock Ingram says its businesses in Zimbabwe and Kenya collectively posted a trading profit of R2.7 million ($200 000) in the year ended 30 June compared to a trading loss of R3.5 million ($268 000) in the prior year.
The Johannesburg Stock Exchange (JSE) listed company has interests in flagging Bulawayo-based pharmaceutical manufacturer and distributor Datlabs, whose production capacity has been going down due to operational challenges.
“The Group’s non-South African enterprises comprise of operations in Zimbabwe and Kenya. The OTC Division has assumed management responsibility for the Kenyan operation, the purpose being to exercise better control over operations in that region,” the company said in its audited group annual results for the year ended 30 June 2017.
“These foreign entities collectively posted a trading profit of R2.7 million, compared to a trading loss of R3.5 million in the prior year”.
Datlabs produces brands such as Cafemol, Panado, Solphyllex and Lanolene Milk under licence but has been facing serious competition from imports mainly from the Asian bloc.
In 2013 it launched its own camphor brand, CamphaCare,following the termination of a 50-year contract to make Ingram’s Camphor Cream by Tiger Brands of South Africa which divested from Datlabs in the same year.
The company has been seeking close to $10 million to recapatilise its operations. –The Source
(80 VIEWS)
This post was last modified on August 30, 2017 3:43 pm
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…