KUALA LUMPUR: Duopharma Biotech Bhd is looking at a gradual recovery in revenue as it continues to strengthen its portfolio with high-value innovative offerings and niche products.

Group managing director Leonard Ariff Abdul Shatar said the group will focus on the ethical and consumer healthcare segments, while weathering persistent industry-wide challenges.

“We are also heartened by the government’s commitment to healthcare funding, with a record allocation of RM41.2bil in Budget 2024.

“The 13.5% increase in funding will undoubtedly enable essential reforms in the healthcare system, thus stimulating demand growth for pharmaceutical supplies,” he said in a statement.

For the quarter ended Sept 30, 2023, the group said its performance was dampened by a decrease in demand from the consumer healthcare sector and the prolonged impact of increased operational costs.

Additionally, there was a one-off loss associated with mutual termination of an agreement to sub-lease in respect of a parcel of vacant leasehold land.

In the quarter under review, the group posted a net profit of RM8.97mil which was a drop from RM16.35mil in the same quarter in the previous year.

Earnings per share slipped to 0.93 sen from 1.72 sen previously.

The group reported revenue of RM169.24mil, down from RM177.07mil in 3QFY22.

For the entire financial year, the group said net profit was RM44.14mil on revenue of RM537.23mil, as compared to net profit of RM52.95mil on revenue of RM544.76mil.