Adcock Ingram to spin-off loss-making India unit
South Africa-based Adcock Ingram (JSE: AIP) has said it will dispose its loss making unit in India following disappointing full-year results from the division.
The pharmaceutical company said the unit, Cosme Farma, reported a loss of 56.8 million South African rand ($4.3 million) in the fiscal year ended June 30. Adcock Ingram took a charge of 74.4 million rand in relation to Cosme, having written down 278 million rand for the business in the year-earlier period.
Chie executive Kevin Wakeford, said: “India is a massive market and Adcock is small in a market of that size."
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