Richter Gedeon's Q2 mixed; net profit up

World

Richter Gedeon, Hungary's largest pharmaceutical manufacturer, reported a 45.3% increase in its second quarter net profit, which was higher than analysts had anticipated, the company announced today.

The operating profit, reported at HUF 10.560 bln, was below analysts expectations. The company said this was due to disappointing sales in Russia and Ukraine.

"Richter said its domestic market had stabilised, but revenue from Russia fell by 25.3 percent in euro terms year-on-year in the first half, while sales to Ukraine were down 23.2 percent," according to Reuters.

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