LONDON (ShareCast) - Pharmaceutical group Hikma said it is on course to deliver continued sales growth in the Middle East and North Africa (MENA) region as it reported a drop in first half profits.

“We are on track to deliver continued sales growth across MENA, expand our portfolio of own-brand and in-licensed products and develop our global injectables business,” said the group

“Our strategy remains firmly in place - to consolidate further in the MENA pharmaceutical market and to build Hikma into a leading specialty pharmaceuticals company,” it added.

The group said it was working hard to improve the financial performance in its Generics business, which saw revenues decline 26.5% due to “significant” market erosion in the first half.

Profit before taxes for the six months decreased by 20.6% to $39.3m due to higher operating costs and exceptional charges.

Group revenues rose 33.4% to $299m, driven by strong performances in both the Branded and Injectables businesses.

It added that the outlook for revenue growth in the Branded and Injectables businesses in the second half of 2008 remains strong.

Dividend has been maintained at 3.5p per share.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE