Aceto earnings drop 57 percent to $5 million
Aceto Corp. Thursday reported a 57-percent drop in profit for the July-September period compared with a year ago on lower sales of ingredients used to make medicines.
The Port Washington-based maker of chemicals and generic drugs said it had a $5 million profit in the first quarter of its 2015 fiscal year. That compares with $11 million in the period a year earlier.
Sales in the quarter rose 1 percent to $131 million.
Chief executive Sal Guccione predicted that Aceto's performance would improve in the final six months of the year. "We continue to expect to achieve double-digit revenue and earnings growth for fiscal 2015," he said.
Guccione also said Aceto would spend $9 million on research and development for generic drugs, an increase of $3.8 million from last year. The company plans to launch eight generics, he said.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
