Little Green Pharma has posted its first profit – after its bottom line was bolstered by government grants and incentives worth almost A$1.9m.
The Perth-based firm recorded a profit before tax of $485,000 in the six months to December 31, 2020 compared to a loss in the previous corresponding period of $5.5m.
Revenue – sales of medicinal cannabis products – climbed from $716,000 to $3.77m, including sales to German and UK customers of more than $600,000.
Operating losses improved from $4.5m to $1.35m, but government grants and incentives, which totalled $1.87m, helped push the company into the black.
LGP said 4,900 new patients had been prescribed its products during the first half, up 250%, taking its total number of patients to 9,500.
Additionally, 150 doctors wrote their first LGP scripts in the period, bringing the total number to 450.
Shares in LGP dipped marginally to close on 68c, but have fallen from a high of 94c from February 4. The company has a market capitalisation of $120.77m.