Hi-Tech Q2 profit soars, shares rise
* Q2 EPS $0.60 vs $0.09 yr ago
* Q2 sales rise 63 pct
* Shares jump 11 pct pre-market
Hi-Tech Pharmacal Co Inc posted nearly a six-fold jump in quarterly profit as it sold more higher-margin products like generic eye drops, sending its shares up 11 percent in pre-market trade.
Net income for the second quarter was $7.4 million, or 60 cents a share, compared with $1.1 million, or 9 cents a share, in the year-ago period.
Net sales rose 63 percent to $40.9 million.
Shares of Hi-Tech were up at $24.20 in pre-market trade Wednesday. They closed at $21.83 Tuesday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Anne Pallivathuckal)
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