Egis consolidated Q4 net profit drops 27% yr/yr

Telco

Hungarian drug maker Egis, majority-owned by France's Servier, had consolidated net profit of HUF 2.06bn in the fourth quarter of its business year ended September 30, down 27.1% yr/yr from HUF 2.8bn in the same period a year earlier, the company's IFRS report published on Wednesday evening shows.

Fourth-quarter net profit was 48% below the estimate by analysts polled by Portfolio.hu. Sales rose 2% to HUF 33.07bn in Q4. Sales in Russia, Egis's biggest export market, were up 7% at €27.1m.

Excluding the effect of advance purchases made by Russian partners from the last quarter of the previous business year, sales in the fourth quarter were up 14%. Cost of sales rose 5% in the fourth quarter.

Consolidated operating profit declined 56% to HUF 2.02bn. Pre-tax profit dropped 18% to HUF 2.719bn. For its full 2010/2011 business year, Egis's after-tax profit was down 19% yr/yr at HUF 13.6bn.

Full-year EPS came to HUF 1,745. Excluding one-off items, after-tax profit was down 9% yr/yr.  Sales rose 8% to HUF 128.939bn as domestic sales increased 7% to HUF 34.9bn and export sales climbed 10% to €345.5m.

Sales to Russia and other CIS states rose 9% to €150.9m. Sales in Eastern Europe rose 3% to €134.2m. Egis' cost of sales rose 5% for the full year. Operating profit was down 5%, totaling HUF 16.3bn. Pre-tax profit came to HUF 15.676bn for the full year. Net assets were up 8% at HUF 161.6bn.

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