REVENUES AND pre-tax profits at Trinity Biotech declined in the first quarter of 2008 as sales of its HIV testing kit slowed in Africa and due to the impact of the weakening dollar against the euro.
The company, which manufactures diagnostic kits, posted a 6.7 per cent drop in revenues to $34.3 million for the first three months of the year, compared to $36.7 million for the same period in 2007.
Gross profit for the quarter amounted to $15.8 million, representing a gross margin of 46 per cent. This compares to a gross margin of 47.4 per cent for the same period in 2007.
"The slight decrease in gross margin is attributable to lower HIV sales and the impact of the weakening dollar versus the euro, which averaged 1.31 in quarter one 2007, and 1.50 in quarter one 2008," the company said.
Chief executive Brendan Farrell said the lower HIV sales in Africa were expected due to the exceptional sales of its Uni-Gold HIV product in that market last year.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)