TORONTO (Reuters) – Contract drug manufacturer Patheon Inc (PTI.TO) posted a smaller quarterly loss on Friday as costs and restructuring expenses declined.
The Toronto-based company, which is the target of a lengthy takeover bid by U.S. private equity firm JLL Partners Inc, said its loss narrowed to $3.2 million, or 4 cents a share, in the second quarter ended on April 30 from $8 million, or 9 cents a share, a year earlier.
Revenue fell 10 percent to $167.4 million, largely due to currency fluctuations.
Excluding dividends paid on the company’s convertible preferred shares, the company posted a quarterly profit of about $500,000.
JLL, which owns about 39 percent of outstanding restricted voting shares, launched an unsolicited bid for the company in December. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)