Patheon posts loss as costs rise

Fri Mar 9, 2012 8:12am EST
 
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(Reuters) - Contract drugmaker Patheon Inc PTI.TO reported its fourth consecutive quarterly loss hurt by higher costs.

First-quarter net loss was $19.4 million, or 15 cents per share, compared with a profit of $3.5 million, or 2.7 cents per share, a year ago.

Patheon said the consultation fees paid for the strategic review of its commercial business arm in the UK rose this quarter.

As a result selling, general and administrative expenses rose 24 percent to $34.5 million.

Revenue for Patheon, which provides contract development and manufacturing services to the pharmaceuticals industry, fell 12 percent to $153.9 million.

Shares of the company closed at C$1.85 on Thursday on the Toronto Stock Exchange.

(Reporting by Maneesha Tiwari in Bangalore; Editing by Gopakumar Warrier)

(Corrects reporting currency to US dollars)