27th Jul 2018 08:54
LONDON (Alliance News) - Hutchison China Meditech Ltd on Friday raised its annual loss estimate by USD20 million after swinging to an interim net loss.
For the six months to June 30, the pharmaceutical company posted a widened pretax loss of USD50.5 million, compared to USD16.7 million in the same period a year ago. It swung to a net loss of USD30.1 million from a USD3.7 million net profit, year-on-year.
The company revised its full-year guidance, upping its net loss expectations by USD20 million to a range of between USD39 million to USD72 million. Before, it expected a net loss between USD19 million and USD52 million.
Revenue in the half-year decreased 19% to USD102.2 million from USD126.6 million year-on-year, while expansion in research and development operations led to an operating loss of USD27.0 million compared to USD6.3 million in the same period the year before.
Hutchison China MediTech shares were trading up 0.9% at 5,025.00 pence each.
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