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GRD: “Grindeks” has operated with profit in the first quarter of 2009

Spekuliantai.lt | 2009-05-07 | NASDAQ OMX biržų naujienos | perskaitė: 1114
Raktiniai žodžiai: Grindeks, GRD
GRD: “Grindeks” has operated with profit in the first quarter of 2009

Grindeks Quarterly report 07.05.2009

“Grindeks” has operated with profit in the first quarter of 2009

JSC “Grindeks” financial report about the results of the first quarter of 2009,
presented to „NASDAQ OMX Riga” shows that the Group of “Grindeks” has worked
with the profit during the first three months of this year. Net profit in the
accounting period amounted to 1.2 million lats, which is 64.7% less as compared
to result of the first quarter of 2008. Turnover of the Group amounted to 14.1
million lats, which is by 2.9 million lats or 16.7% less than during the first
three months of 2008.

Chairman of the Board of “Grindeks” Janis Romanovskis: “Despite the changing
situation in the world markets, we are continuing to diversify our activities,
broadening the presence in markets and investing resources to future
development prudently, which contributes to operation with profit. The decrease
of the increment rate in the quarterly point of view is illusory and does not
reflect overall situation.”

Sales volume in the main export markets - Russia and other CIS countries was
11.5 million lats in overall. In the first quarter of 2009 the results of sales
in CIS countries, except Russia, are exceeding by 6.2% sales volume then during
first quarter 2008. As earlier announced, in the beginning of 2008 OJSC
“Pharmstandard” became an exclusive distributor of “Grindeks” original product
Mildronate® in the Russia and has purchased from “Grindeks” considerable amount
of products mainly to ensure safety stocks and to cope with the initial demand
of the Russian pharmaceutical distribution network. It resulted in expansion of
turnover increase in the corresponding accounting period of 2008.

Additionally, devaluation of local of currencies in Russia and some other CIS
countries against the lats, witch took place at the end of 2008 and beginning
2009 had some influence of the sales dynamic of the final dosage medications in
monetary terms in the first quarter of the 2009.

Positive measures of profit were also obtained by export of active
pharmaceutical ingredients that reached 1.1 million lats in the first quarter
of 2009.

Despite the market fluctuations Chairman of the Board of “Grindeks” Janis
Romanovskis looks optimistically to the future and emphasizes - although growth
of the business depends on exterior circumstances, the driving force to the
success is ability to use our advantages brainy and timely.

About “Grindeks”

“Grindeks” is the leading pharmaceutical company in the Baltic States. Its main
fields of action are: research, development, manufacturing and sale of original
products, generics and active pharmaceutical ingredients. “Grindeks” Group
consists of four subsidiary companies in Latvia, Estonia and Russia, as well
representatives and representative offices in fourteen countries. Products of
the company are exported to more than 40 countries and its export comprises
more than 96% of the total turnover. The main markets are: the Baltic States,
Russia and other CIS countries, Japan, USA. JSC “Grindeks” shares are listed in
the Official List of “NASDAQ OMX Riga”.

Further information:

Laila Kļaviņa
Head of the Communications Department
JSC “Grindeks”
e-mail: laila.klavina@ grindeks.lv
Phones: +371 67083370, +371 29256012

1. grindeks_non-audited_report_2009_q1.pdf

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