20 Dec 2011

Abano half-year profit falls after sale of audiology arm

6:47 pm on 20 December 2011

Listed health care company Abano has announced a big fall in its half-year profit, attributing it mainly to loss of income after the sale of its audiology business.

The company made $600,000 in the six months to the end of November, 72% down on the same period in 2010.

Abano managing director Alan Clarke says the company faced some one-off costs associated with its IT system and a new debt facility in Australia.

But he says the underlying business is performing well and growth in the first half of this year has probably exceeded thje entire growth for the year before.

"We've seen pleasing and strong growth in dental and as a consequence we're also seeing a higher level of profit contribution from both businesses to Abano".