Stada Q1 net income drops on cost-cutting charges
FRANKFURT May 10 (Reuters) - Germany's largest independent generic-drug maker Stada said first-quarter net income dropped 35 percent, worse than expected, on charges related to a cost cutting programme.
Quarterly net income dropped to 19.4 million euros ($25.1 million), falling short of an average analyst estimate of 25.4 million in a Reuters poll.
Earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, gained 12 percent to 92.3 million euros, slightly below the average estimate of 93.2 million.
Stada said it still saw an opportunity for an increase in the high single-digit percent area in EBITDA adjusted for one-time items in 2012. ($1 = 0.7733 euros) (Reporting by Ludwig Burger)
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