Parnell Pharmaceuticals Holdings Ltd. announced earnings results for the first quarter ended March 31, 2015. For the quarter, revenue was AUD 1,547,548 against AUD 1,456,970 a year ago. Net income before tax was AUD 50,669 against net loss before tax of AUD 8,908,722 a year ago.

Net income was AUD 50,669 or AUD 0.004 per basic and diluted share against net loss of AUD 6,377,195 or AUD 0.78 per basic and diluted share a year ago. The increase in net income was primarily driven by management's re-assessment of provisions associated with supplier obligations and determination that the obligation no longer met the criteria of a provision during the first quarter of 2015, resulting in AUD 2.6 million being recorded in other income.