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Nutex says pharmacies post 40% revenue rise in Q1

The pharmacy unit of Hungarian dietary supplement maker Nutex operated profitably in the first three months of 2011 and posted revenue of more than HUF 125 million, Nutex said on Tuesday.

The revenue rose almost 40% from a year earlier as the two pharmacies in Budapest operated by the unit had revenue of HUF 91 million in January-March 2010.

The management aims to keep the pace of revenue growth steady throughout the year.

The pharmacy unit majority-owned by Nutex decided last month to pay dividends from the profits it reached last year. The subsidiary had sales revenue in excess of HUF 410 million in 2010.

Nutex, formerly known as Humet, acquired a majority holding in the company operating the pharmacies in March 2010.

Nutex shares are traded in category "B" of the Budapest Stock Exchange.