March 7, 2008 / 12:31 PM / 10 years ago

Patheon's loss widens, but sees better Q2

TORONTO (Reuters) - Patheon Inc PTI.TO said on Friday that its first-quarter loss widened, hurt by the weakening U.S. dollar and more losses at its operations in Puerto Rico.

The contract drugmaker said it lost $15.2 million, or 16.8 cents a share for the period ended January 31, compared with a loss of $2 million, or 2.2 cents a share for the same period a year earlier.

Revenue for the quarter was $164.2 million, up 11.4 percent from $147.4 million during the same time last year.

Analysts were expecting an average of loss of 1 cent a share and revenue of $161.4 million, according to Reuters Estimates.

The company also said that it expects second-quarter revenue to top its first-quarter performance “reflecting a recovery from lower volumes that the company traditionally experiences in its first fiscal quarter due to plant shut downs.”

Patheon, which said late last year that it planned to divest its Carolina operation following steep losses and disappointing performances, said it has had preliminary discussions with potential buyers and has “identified” a number of additional buyers.

($1=$0.98 Canadian)

Reporting by Scott Anderson; Editing by Renato Andrade

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