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Richter CEO expects sales to stagnate in euro terms throughout 2009

Richter Gedeon CEO Erik Bogsch said at a press conference that the company expects its euro-based revenue to stagnate throughout the year in 2009.

Richter generated revenue of €939.9 million in 2008. Consolidated nine-month sales fell 0.2% in euro-terms to €692.7 million while rose 15% to HUF 197.07 billion according to unaudited IFRS figures published in the morning.

Bogsch said that the Richter Gedeon's third-quarter results published on Tuesday morning had little impact on its existing financial forecasts, except that the company raised its projected rise in dollar-term US sales revenue to 20%-25% from the previous 5%-10%.

The Richter CEO noted that the company has maintained its forecast 0%-5% rise in sales in both Hungary and Russia (the former in forint and the latter in euro terms) and projected 10%-15% euro-term decline of sales within the European Union.

Richter net income rose 37% to HUF 37.56 billion in the first three quarters, including a 31.7% yr/yr fall, mostly reflecting unrealized revaluation losses, in the third quarter, to HUF 9.76 billion, or slightly below analysts' forecast. (MTI – Econews)