KUALA LUMPUR (Nov 21): Pharmaniaga Bhd's net profit for the third quarter ended Sept 30, 2014 (3QFY14), was RM 14.96 million, almost quadruple the RM3.75 million it recorded in the corresponding quarter last year, due to more favourable contributions from its operations.

Revenue went up 13.9% on-year to RM502.09 million in the 3QFY14 from RM440.81 million, the group's filing with Bursa Malaysia today showed.

Basic earnings per share (EPS) similarly improved to 5.78 sen in the quarter under review from 1.45 sen in the previous year.

Following the stronger financials, the company has declared a third interim dividend of 8 sen per share, up 5 sen from the 3 sen in 3QFY13.

The group said the higher provision for doubtful debt in 3QFY13 was another contributor to the better current quarter's bottom line.

As for the first nine months of financial year 2014 (9MFY14), net profit rose 66.2% on-year to RM 57.15 million from RM 34.39 million, while revenue was up 8.5% on-year to RM1.5 billion from RM 1.4 billion.

EPS for 9MFY14 was 22.07 sen, up 66.2% from 13.28 sen for the same period last year.

The company said its outlook remains positive as "the global economy [is] showing moderate but sustained expansion and the pharmaceutical sector in Malaysia [is] showing improved prospects".

It said its manufacturing division plays a major part in the company's strategy moving forward and that focus will be given on product portfolio "expansion and enhancements" in its research and development efforts.

"Aside from the division's ongoing manufacturing improvement processes, there will be collaborations with multinational companies in the European Union (EU) region via our EU-certified plant," it said.