Restructure swings GPC back into profit
Germany's GPC has returned to profitability in the third quarter of 2008, on a drastic restructuring of the firm announced late last year (Marketletter December 17, 2007) and partnership termination payments.
Net income reached 3.5 million euros ($4.5 million), or 0.10 euros per share, versus a net loss of 18.0 million euros, or 0.50 euros loss per share, in the same period of the year before. The firm increased its cash and cash equivalent reserves to 38.1 million euros at the end of the quarter, vs 29.3 million euros.
Turnover increased 6% to 9.4 million euros, despite the loss of revenue from a co-development agreement with USA-based Celgene for platinum-based cancer drug satraplatin (Marketletter August 11), due to a termination payment of 900,000 euros and deferred revenue of 8.2 million euros.
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