Adcock Ingram Suspends Dividend as Takeover Talks With CFR Pharmaceuticals Continue
11/27/2013 6:51:31 AM
Adcock Ingram Holdings Ltd. (AIP), the South African drugmaker subject to a $1.2 billion takeover bid from Chile’s CFR Pharmaceuticals SA (CFR), suspended its dividend after full-year profit and margins fell as import costs rose. Net income declined 17 percent to 587.8 million rand ($58 million) in the 12 months through September from a year earlier, the Johannesburg-based company said in a statement today. The gross profit margin as a percentage of revenue declined to 41 percent from 46 percent a year earlier.
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