Financial profit lifts Richter bottom line in Q4

Basic earnings per share came to HUF 738 for the period. Richter's revenue fell 6.7% to HUF 83.5 billion. Cost of sales dropped at a slower pace, declining 4.5% to HUF 32.0 billion. Gross profit slipped 8.1% to HUF 51.5 billion. Operating profit dipped 8.8% to HUF 11.0 billion.
Richter's bottom line was lifted by a slight HUF 349 million financial gain, a big improvement over the financial loss of HUF 3.4 billion in the base period. For the full year, Richter's net income edged up 3.0% to HUF 50.8 billion, also on a slight financial gain after a big financial loss in the base period. Full-year revenue was up 6.1% at HUF 326.7 billion. Cost of sales rose 9.1% to HUF 124.9 billion. Gross profit increased 4.4% to HUF 201.8 billion.
Operating profit fell 17.5% to HUF 50.3 billion on higher R+D and marketing costs. R+D spending jumped 35.1% to HUF 38.8 billion. Sales and marketing costs were up 17.2% at HUF 92.7 billion as Richter expanded its sales network in Western Europe and promoted the launch of a new drug for uterine fibroids, Esmya. The bottom line was lifted by a HUF 886m financial gain, compared to a HUF 7.0 billion loss in the base period. In a breakdown of its sales - calculated in forints - for the year, Richter said domestic turnover dropped 13.3% to HUF 30.9 billion, but sales in other European Union member states were up 7.2% at HUF 116.7 billion. Sales in the CIS rose 15.7% to HUF 144.0 billion, but US sales fell 21.4% to HUF 16.1 billion. Richter had total assets of HUF 672.1 billion on December 31, 2012, down 1.4% from twelve months earlier. Net assets rose 6.3% to HUF 520.5 billion. Non-current liabilities were up 9.6% at HUF 94.3 billion.