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Kamada shrinks operating losses with financing revenues By Yael Pollak Biopharmaceutical company Kamada wound up the second quarter with higher revenues and reduced losses, continuing this trend from the first quarter of the year. The company, controlled by Ralph Hahn and Leon Recanati, increased revenues for the first half of the year by 10%, to NIS 29.5 million. Compared to the parallel in 2007, second-quarter revenues were up 38%, to NIS 15.2 million, thanks to a 75% increase in export revenues and a 13% improvement in domestic revenues. Still, Kamada's revenue costs doubled in the past quarter, to NIS 16.5 million, and the company suffered losses due to the decline in the dollar/shekel exchange rate, which hurt export profits. Further, a filter that was damaged during production resulted in the loss of two batches of a blood plasma product, at a cost of over NIS 1 million. Advertisement Kamada also invested NIS 800,000 in upgrading its manufacturing plant, a move that incurred additional costs for energy, depreciation and a week of lost productivity during the upgrade. Second-quarter operating losses were NIS 16.8 million, compared to NIS 14.7 million in the parallel. The increased losses from regular operations stemmed from a decline in gross profits, increased research and development expenses and higher administrative expenses. Cash burn during the second quarter totaled NIS 18.1 million - almost double the NIS 9.9 million spent in the parallel quarter last year. Negative cash flow for the first six months of 2008 was NIS 32.2 million, compared to 18.8 million for the first half of 2007. Financing revenues were a whopping NIS 7.6 million, compared to just NIS 260,000 in the parallel. These additional revenues came from differences in the evaluation of options measured at fair value. All in all Kamada ended the second quarter with losses of NIS 10.4 million, down from losses of NIS 23 million in the parallel. Kamada specializes in the manufacture and sale of prescription drugs for treating critical conditions, intended for use in emergency situations, emergency and operating rooms, and other life-threatening situations, including chronic drug therapy. The company also develops drugs produced from blood plasma or its components. In the past year, Kamada's share price has declined by 36%. Bookmark to del.icio.us   Nail in the coffin? Haniyeh: Arrival of blockade-busting boats spells end of Gaza siege. Operation Shalit Islamic Jihad urges Palestinian groups to kidnap Israeli soldiers.

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