Life pharmacy posts $1.2 million profit

The pharmacy group, Life Pharmacy has announced a profit of $1.2 million in the six months to September 30, contributed by its full takeover of Pharmacy brands shares supported by majority of the stockholders of Pharmacy brands. The firm suffered a net loss of $415,000 in the same period last year against current profit of $190,000. The financial results do not include the results of the pre-merged Life Pharmacy business. In the meantime, Pharmacy brands reported 21 per cent rise in its net profit to $1.4 million. The firm has to report some abnormal costs including acquisition costs, tax losses and integration costs during the reporting month. Alan Wham, the Chief Executive of Life Pharmacy and the former Chief Executive of Pharmacy brands added that the firm has to suffer small losses in revenue due to delays by suppliers to its marketing programs. Expressing happiness on merger progress, Wham said, "The key thing with the merger is that it gives us a critical mass and enables us to find some cost synergies, particularly around the central office."