ADVERTISEMENT

Richter Q2 profit rises on weak forint

Pharma

Hungary’s Richter Gedeon Nyrt, eastern Europe's biggest drugmaker by market value, said second-quarter profit rose 48% because of the weak Hungarian currency and income from exports. Net income rose to Ft 15.9 billion ($74.4 million) the Budapest-based company said in a stock exchange statement today. The company was expected to earn Ft 11.7 billion, according to the median estimate of six analysts surveyed by Bloomberg news. The Forint traded at an average of 212 to the dollar in the second quarter, 7% lower than the average price in the second quarter of 2005. Export sales jumped to $159 million, compared with $149.9 million in the year-earlier period. “Revenue from exports managed to compensate for negative circumstances in the domestic market,” Richter's statement said. Revaluation of trade receivables and payables also added about Ft 2.4 billion in financial income in the second quarter. Richter's quarterly revenue rose 13% from a year earlier to Ft 43.1 billion. Two thirds of its annual sales of $ 705 million in 2005 are exported to 80 countries (Russia, EU, USA, Japan, etc.) The company has a worldwide presence through its representative offices, subsidiaries in 30 countries. It has production facilities in Russia, Romania, Poland and India. The product portfolio of the company includes more than 100 products and covers almost all important therapeutic areas. Based on its traditional skills in steroid chemistry, the company is a significant player in the gynecological field worldwide. A significant part of the company’s turnover results from original drug research and development activity. (Bloomberg, Richter.hu)

ADVERTISEMENT

MKIK: Local business tax should be maintained Analysis

MKIK: Local business tax should be maintained

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Capital sees urban exodus during pandemic City

Capital sees urban exodus during pandemic

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.