Medilines profit declines 19% in H1

Published August 19, 2022, 3:04 PM

by James A. Loyola

Medical equipment supplier Medilines Distributors, Inc. reported a 19 percent drop in net profit to P81 million for the first half of 2022 from the P100 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its net profit margin for the six months ended June 30, 2022 was at 9 percent compared to 12 percent in the comparative period of 2021.

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Medilines noted that, removing the effect of extra-ordinary income from the sale of real estate property last year, its core income of P81 million for the first six months of 2022 is 7 percent higher than the P76 million in the same period last year.

Revenues improved 5 percent to P855 million from P815 million in the first half of 2021. The increase was mainly due to the increase in sales of Dialysis Consumables and Diagnostic Imaging which contributed P137 million and P162 million, respectively, in the first half of 2022.

In a separate disclosure, Medilines said it is on track to meet its top and bottom-line targets in 2022 adding that shareholder Two On Inc., also owned by principal shareholder Virgilio Villar, “has not intention of selling any of its 22 percent stake in the Company even after the expiration of its lock-up period on August 19, 2022.”

 
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