F H Faulding Focuses On Asia

F H Faulding of Australia is looking to add to its joint venture in Indonesia and its recent acquisition, Foshan, in China, its managing director, Ed Tweddell, said at the company's annual general meeting. Development of the company's business in Asia is one of its key priorities.

Mr Tweddell said that the company is currently setting up new joint ventures relating to the manufacture and development of pharmaceuticals in Hong Kong, Malaysia and Thailand. Gross profit margins were said to have declined, but improved efficiencies enabled the group to maintain earnings and increase sales. This was said to be partly a result of substantial investment in facilities and business development.

In the 1993/94 financial year the company posted a 13% increase in net earnings to A$32.2 million ($24.5 million). For the first three months of the current fiscal year the group had sales and earnings ahead of the like, year-earlier period.