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GRD: “Grindeks” profit in the first half-year - 3.4 million lats

Spekuliantai.lt | 2009-08-07 | NASDAQ OMX biržų naujienos | perskaitė: 1033
Raktiniai žodžiai: Grindeks, GRD
GRD: “Grindeks” profit in the first half-year - 3.4 million lats

Grindeks Half Year financial report 07.08.2009

“Grindeks” profit in the first half-year - 3.4 million lats

The financial statement of the first half-year of 2009 submitted by the
joint-stock company “Grindeks” to “NASDAQ OMX Riga" testifies that the net
profit of “Grindeks” concern in the first six months of this year amounted to
3.4 million lats, which has decreased by 32% in comparison with the first
half-year of 2008, whereas the concern turnover reached 29.8 million lats
within the first six months of the year, and it is 2.1 million lats or 6.6%
less than in the first half-year of 2008.

Chairman of the Board of “Grindeks” Janis Romanovskis: “Our activity is
characterized by several “Grindeks” administration and operation factors -
clear activity principles of management team and loyal shareholders interested
in development of the company; efficient and qualitative original product
Mildronate® and its successful sale, as well as constant entering into new
markets and activity diversification of the company. In the situation when
decline is observed within all pharmaceutical markets, we look at the results
objectively and use our strong points, as well as the stable financial
situation of the company which provides a good base for further investments and
development.”

In the first half-year of 2009 the sales volume of “Grindeks” final dosage
forms amounted to 27.3 million lats; while export volume to CIS countries which
are the main markets of final dosage forms reached 24.3 million lats. Taking
into account the global economic recession affecting the pharmacy sector all
over the world, including Russia and the rest CIS countries, a general decline
in demand for medications is observed. In spite of that, in the first half-year
of 2009 the sales volume in the rest CIS countries remained at the level of
2008. The sales volume in Russia in the first half-year of 2009 was by 2.3
million lats less than in the first half-year of 2008 because influence of the
storehouse reserves established by the pharmaceutical company OJSC
“Pharmstandart”, an exclusive distributor of Mildronate® in Russia, in the
beginning of 2008 on dynamics of the sales volume still remains during the rest
months of the year.

Additionally, devaluation of local currencies in Russia and some other CIS
countries against a lat, the value of which against euro remained fixed and
maintained stability, had also some influence on the sales dynamic of the final
dosage medication forms in monetary terms in the first half-year of the 2009.

In the conditions of a tense economic situation the sales results in the Baltic
States, as well as other European countries are positive by reaching the
turnover of 3 million lats, which is by 6.5% more than in the first six months
of the last year.

Export of active pharmaceutical ingredients has also positively influenced
“Grindeks” profit indicator, which amounted to 2.5 lats in the first half-year
of 2009 and is by 0.2 million lats or 8.7% more than in the first half-year of
2008.

Chairman of the Board of “Grindeks” Janis Romanovskis: “I have an optimistic
view of the future - by taking all the advantages and responding to the
changeable market situation in time, such a company as “Grindeks” will not only
overcome obstacles to achieve the set goals but will also be one of the guides
of economy of Latvia.”


About “Grindeks”

“Grindeks” is the leading pharmaceutical company in the Baltic States
specalizing in the research, development, manufacturing and sales of original
products, generic medications and active pharmaceutical ingredients. “Grindeks”
concern consists of four subsidiary companies in Latvia, Estonia and Russia, as
well as representative offices and representatives working in 14 countries.
Products of the company are exported to more than 40 countries and amount to
96% of the total turnover. Main markets are the Baltic States, Russia, other
CIS countries, Japan and the USA. JSC “Grindeks” shares are listed in the
Official list of “NASDAQ OMX Riga”.


Contacts:
Laila Kļaviņa
Head of the Communications Department JSC “Grindeks”
Phone: (+371) 67083370, (+371) 29256012; fax: (+371) 67083505
E-mail: [email protected]



1. grindeks_non-audited_report_2009_q2.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=232009)

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