Better PharmaZen result

Biotechnology company PharmaZen has halved its annual net loss to $92,898 on improved turnover, despite a stronger New Zealand dollar.

During the year ended October 31, the company closed its Dunedin production plant and upgraded its Waitaki Biosciences plant at Christchurch. PharmaZen posted a profit before tax of $799,613 on turnover totalling $6.29 million.

The net result included one-off items resulting from the closure of its Dunedin operation.

"The 2007 focus is continued sales growth through strengthening the international distribution network and adding new products," said chief executive Craig McIntosh. "We have been making progress in both areas."