Despite a slight dip in revenues at the end of its first quarter ended January 31, pharmaceutical company Indies Pharma Limited continues to deliver positive earnings despite what its directors has labelled as a ‘challenging’ environment.

For the three-month period, the Montego Bay-based outfit saw its net profits increased to $50.2 million up from the $47.5 million earned in the previous year’s quarter. Revenues, which contracted marginally at about five per cent, amounted to $212.3 million down from $223.5 million secured in 2021.

“The company continues to maintain a steady performance and remains healthy and consistent in these challenging and trying times and continues to execute on its strategy through strengthening its intellectual property (new drug approvals for the US market), tangible assets (prime real estate) and relations with customers, shareholders, and its employee,” stated Vishnu Muppuri, executive director and chief operating officer (COO) of Indies Pharma, in a note to shareholders following the release of its unaudited three-month results.

The Junior Market listed company, which reported reduced net profits for its full year performance ended last October, was still able to deliver a commendable performance despite decreased earnings which totalled $178.5 million matched by increased revenues of $846.8 million

Total assets at the end of the period increased by 17 per cent, climbing to $2 billion up from $1.8 billion in the comparative 2021 period.

As earnings per share remain flat at $0.04, shareholders equity grew to $1.2 billion. Notably, total liabilities for the company which was trending towards the billion-dollar mark in previous quarters decreased to $898 million.while total liabilities decreased to $898 million.

“The $805-million bond attained in 2020 towards ‘Growth Capital’ remain on the books as we continue to grow the company through the development and approval of two new drugs at the US Food and Drug Administration for the United States market,” Muppuri said.

From the bond, which matures in 2025, the company has said it was expecting to achieve returns on this investment starting next year.