August 2, 2012 / 12:32 PM / 6 years ago

Paladin Labs profit falls as costs rise

Aug 2 (Reuters) - Paladin Labs Inc reported a lower second-quarter profit, hurt by higher costs, but the Canadian specialty pharmaceuticals company raised its revenue outlook for the year.

The company said it now expects 2012 revenue in excess of C$200 million ($199.81 million).

Net income fell to C$10.9 million, or 52 Canadian cents per share, for the April-June quarter, from C$16.8 million, or 80 Canadian cents per share, a year earlier.

Revenue rose 3 percent to C$37.1 million. Selling, general and administrative costs rose 11 percent to C$9.1 million.

Shares of the company, which has a market value of $1.01 billion, closed at C$49.70 on Wednesday on the Toronto Stock Exchange.

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