Exports drive Richter H1 sales, profit

Richter, Central Europe's second largest drugs firm by sales after Croatian Pliva, reported a 16.3 percent rise in its January-June net profit to 17.55 billion forints ($85.38 million) from 15.09 billion a year ago.

The figure was 9.3 percent above analysts' median forecast of 16.06 billion forints in a Reuters poll earlier this week, and it was also above the highest forecast of 16.84 billion forints.

The net profit was lifted by net financial income of 2.55 billion forints.

Six-month sales rose 9.9 percent to 60.17 billion forints, beating both the median forecast of 58.14 billion forints and the highest forecast of 59.73 billion forints in the survey.

"The significant sales growth was primarily due to an expansion in sales to the CIS (Commonwealth of Independent States) and the European Union," Richter said.

Its profit in the second quarter, running from April to June, was 10.03 billion forints, compared with 6.91 billion forints a year ago, Richter said in its earnings report. The profit figure also exceeded the forecast of 8.55 billion forints. ($1=205.52 Hungarian Forint)

Source: Reuters