CSL triples profit

CSL, the world's largest maker of human plasma products, tripled its annual net profit with the sale of its animal health business and its purchase of Aventis Behring at a discount to asset value.

CSL reported a net profit of AUD$219.6 million for the year to June 30, up from $70.4 million a year earlier and in line with its own forecast three weeks ago for a net profit between $210 million and $220 million.

The result included an $75 million gain from the sale of its animal health business last December and recognition of $70 million of the $285 million discount on inventory it acquired from Aventis Behring.

CSL bought the blood products arm of Franco-German drugs group Aventis for $675 million in April, overtaking Baxter International as the top maker of human plasma products and shrinking the number of players in a market that had suffered from a product glut.

CSL's shares have climbed 39 per cent so far in 2004 to AUD$24.85, double the 19 per cent rise in the health care index.