Innovative Pharmaceutical Biotech Reports 68% Drop in Revenue, Posts Significant Loss Due to Asset Impairment
Reuters
Jul 01
Innovative Pharmaceutical Biotech Reports 68% Drop in Revenue, Posts Significant Loss Due to Asset Impairment
Innovative Pharmaceutical Biotech Limited announced its audited consolidated annual results for the year ended 31 March 2025. The company reported a significant decrease in revenue, which fell to HK$2.091 million, compared to HK$6.593 million for the previous financial year. The gross profit also dropped to HK$0.188 million from HK$0.840 million in the previous year. Notably, the company recorded an impairment loss on intangible assets amounting to HK$296.984 million, which was not present in the previous year's results. Administrative expenses decreased slightly to HK$11.354 million from HK$12.919 million, while research and development expenses increased to HK$2.089 million from HK$1.421 million. Finance costs saw a rise, reaching HK$260.099 million compared to HK$218.097 million in the previous year. The report did not include any specific outlook or guidance for future performance. These results highlight the challenges faced by the company, including a significant drop in revenue and increased financial costs, alongside the impact of impairment losses on intangible assets.
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