However, gross margin decreased to 36.3% due to ongoing cost pressures and higher sales mix of lower margin products. Net profit after tax surged by 97.6% to $2.7 million, in line with higher revenue.
SAC Capital analysts Daniel Ng Ming Ci and Matthias Chan have maintained “buy” on Hyphens Pharma International (SGX:1J5
) with a target price of 38 cents.
The analysts note that the company’s 1QFY2024 ended March results were within their expectations. For the quarter, Hyphens Pharma’s revenue increased by 44.4% y-o-y to $48 million, driven by improvement from all segments. Correspondingly, gross profit improved by 32.8%.
