Australia's API H1 profit A$6.15 million

MELBOURNE: Australian Pharmaceutical Industries Ltd (API) on Wednesday reported a net profit of A$6.15 million ($5.7 million) for the six months to February, and said it expected an improved second half. Three analysts on average had expected a net profit of A$11.9 million for the drug distributor and retailer. There were no comparative audited figures as API has changed its fiscal year to an Aug. 31 year end.

API said it sees retail conditions more volatile in recent months, and has appointed advisers to examine capital management options. Shares in API, 10.8 percent owned by Australian billionaire investor Solomon Lew, last traded at A$1.36.