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Egis performance shows significant improvement

Egis Pharmaceuticals Ltd. achieved Ft 19,416 million net sales and Ft 3,095 million pretax profit in the fourth quarter of the 2004/2005 financial year, the company announced. This performance is significantly better than the basis figures and indicates further improvement compared to the otherwise also favourable preceding two quarters.
Domestic quarterly turnover totalled Ft 7,696 million. This value is higher by 8% than the achievement in the comparative period of 2003/2004.
International sales in this quarter amounted to USD 58.1 million, 12% more than the basis value. Sales in Russia and other C.I.S. markets continued to show an outstanding development, representing a 47%. Eastern European turnover was up 6% and drug sales in western countries again reached a considerable value in the reported period. However, turnover of API kept dropping. Direct costs of sales continued the favourable trend, the gross margin in the fourth quarter exceeded 65%. At the same time, general costs of operation have substantially increased.
Other income and expenditures featured extra expenses being characteristic of the last
quarter of the financial years.
Thus, Egis generated operating profit of Ft 2,380 million in Q4 which was up
9% on the basis.
Egis? quarterly profit on financial transactions represented Ft 771 million. The very attractive Q4 value was mostly attributable to the revaluation of forex receivables at the year-end exchange rate.