Operating Income Rises As Sales Fall At Scotia

Scotia Holdings (see also page 19) of the UK achieved total operating income for the interim period ended June 1996 of L10.9 million ($17 million), a rise of 11.9%. There was a net loss of L7 million, compared to L5.3 million in the like, year-earlier period, and the loss per share was 9.2 pence, compared with 8.3 pence in the first half of 1995. The adjusted 1996 interim loss per share was 8.4 pence. The net loss was smaller than some industry observers had been expecting.

The first-half results include a provision of L639,000 as an exceptional item for funds due to be paid by Scotia in relation to a distribution agreement for Efalith in the USA. Scotia said it is in negotiations to reacquire the rights and does not expect to receive the sum due.

The firm believes the US commercial potential for Efalith is now much greater because of a US patent being granted, valid until 2013, and significant efficacy being shown in a Phase II study of the product in penile warts.