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Olainfarm posts EUR 3.114 mln in Q1 profit

BC, Riga, 01.06.2018.Print version
Latvia’s Olainfarm pharmaceutical company in the first quarter of this year posted EUR 3.114 million in net profit, down 15% from the respective period a year ago, the company said in a report to Nasdaq Riga, cites LETA.

The company is explaining the profit reduction with unfavorable volatility of the Russian ruble exchange rate at the beginning of the year.


Consolidated sales of Olainfarm in first quarter of 2018 reached EUR 30,8 million, which represents an increase by 8% compared to the first quarter of 2017, and this is the best quarterly turnover figure for the Group's past performance.


During the first quarter of 2018 sales of Olainfarm demonstrated growth in all its major sales markets. The biggest increase was reached in Latvia and Belarus, where sales increased by EUR 1.4 million in each of the markets. Good performance was demonstrated also in Uzbekistan where sales grew by EUR 0.57 million and in Russia – increase by EUR 0.51 million.


In the first quarter of 2018, Olainfarm has undergone significant changes in the structure of the company's most demanded products. The prescription medicine for the health of the nervous system, Noofen, has become the most popular drug, which accounted for 18%, while Neiromidin, the leader of Y2017, is only the third amongst the most demanded products this year. Meldonium and Memantine replaced PASS and Remantadine in the list of best- sellers.


Annual meeting of shareholders of Olainfarm, which will be convened on June 5, 2018, is proposed to approve the operating plan of the Group for 2018. According to it, sales of the Group in 2018 are planned to be EUR 130 million, but the net profit will reach EUR 11.5 million. According to this unaudited report for first quarter of 2018, during the first three months the annual sales plan is executed by 23.7%, but the annual profit plan is executed by 27.1%.


During the first quarter of 2018, nearly 160,000 of Olainfarm shares of were sold for more than EUR 1.3 million at the Nasdaq Riga Stock Exchange. Compared to the first quarter of last year both, the number of traded shares and turnover, has more than tripled.


Olainfarm makes medicines, food supplements, active pharmaceutical ingredients and chemical substances. Olainfarm shares are quoted on the Main List of the Nasdaq Riga stock exchange.






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