CORRECTED-Stada H1 profit down on restructuring charges
(Corrects first paragraph to say first-half, not second-quarter)
FRANKFURT Aug 8 (Reuters) - Germany's largest independent generic-drug maker Stada said first-half net income declined 14 percent, worse than expected, on restructuring charges and a stagnant home market.
First-half net income came in at 48.1 million euros ($59.7 million), falling short of an average analyst estimate of 51.3 million in a Reuters poll.
First-half earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, gained 10 percent to 176.7 million euros, also below the average estimate of 182.8 million euros.
Stada on Wednesday 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.
Stada on Tuesday said it sold two Russian factories to local managers, and would take charges that would reduce third-quarter net income by 7.2 million euros.
It added that despite expected one-off burdens it still expects a "very significant increase in reported net income for 2012". ($1 = 0.8052 euros) (Reporting by Ludwig Burger; Editing by Helen Massy-Beresford)
- Housing, jobs data weaken, but overall economic picture still upbeat
- Target cyber breach hits 40 million payment cards at holiday peak |
- 'Duck Dynasty' anti-gay fallout sparks debate on religion, tolerance
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- Zuckerberg to sell Facebook shares worth about $2.3 billion |