|Emitents||Olainfarm, AS (213800WCG52W62ENOP27)|
JSC “Olainfarm” July 10, 2007
Olainfarm’s five months profit has doubled this year
Profit and loss calculation of JSC Olainfarm for first five months of this year shows that company’s sales for this period have increased by 27% compared to five months of 2006, while the net profit has increased by 97%. Increase in these figures reflect the successful operations of Olainfarm in both, Latvian and foreign markets, where company’s sales volumes are constantly increasing.
Unaudited profit and loss statement of a parent company of JSC Olainfarm for the first five months of 2007 shows that company’s sales were 7.55 million lats (10.74 million Euros), which is an increase by 27% compared to sales worth 5.96 million lats (8.48 million Euros) during the similar period last year. Company’s after tax profit during this period was 689 403 lats (980 932 Euros), which is for 97% higher that the net profit of five months of 2006 when it was 349 461 lats (497 238 Euros).
Olainfarm‘s forecast sales for 2007 are 20.5 million lats (29.2 million Euros) and the company plans to make 1.68 million lats (2.39 million Euros) net profit.
Company’s growth strategy is targeted at development and production of products with high value added, as well as at strengthening Olainfarm’s positions in existing and new markets. In 2007 the contracts have been signed on using the intellectual property on new original products. Within the coming years, among other products, five new particularly promising ones will be launched, those are – Meldonium, Olvazol, R-Fenibut, R-Fenotropil and Memantine, which will allow the company to increase its sales volumes for the next five years by at least 30% per annum every year.
Information prepared by:
Deputy CFO, Olainfarm