Richter, Démász stocks on the rise
Friday, November 4, 2005, 11:57
Central European stocks gained, paced by Gedeon Richter Rt., the largest drugmaker in Hungary, after third-quarter earnings beat market estimates. Richter climbed 2.6 % to 36,950 Ft after third-quarter profit rose 28 % to 10.9 billion Ft ($52.4 million) from 8.7 billion Ft in the year-earlier period as it benefited from increasing sales in eastern Europe and Russia. Net income was expected at 9.66 billion Ft, according to analysts.
Démász added 2.9 % to 17,800 Ft. Hungary's biggest power distributor said third-quarter profit surged 29 % to 2.37 billion Ft, or 639 Ft a share, from 1.83 billion Ft, or 494 Ft per share, in the year-earlier period after
the government raised the price of electricity. Power sales rose 11 % to 22.7 billion Ft .