API reports six-month loss

Wholesaler Australian Pharmaceutical Industries Ltd (API) has reported a statutory loss of $114.9 million, for the six months to 28 February 2014.

 The announcement follows API’s recent write-down of $131m, including $52 million relating to pharmacy customers with long-term debts, announced on 17 April, as reported in Pharmacy News.

In its first half results, presented to the Australian Stock Exchange today, API announced a net profit after tax of $16.2m, up 29% on the