|Emitents||Grindeks, AS (5299006DWR32NKWM1O86)|
Net turnover of the Joint Stock Company Grindeks in the first six months of 2007 amounted to 25.93 million lats, which is by 25% more than during comparable period in 2006.
Company’s gross profit for the first half of 2007 reached 13.9 million lats and has grown by 21.4% as compared to the same period in 2006. Net profit of the Company for the first half of the year 2007 amounted to 3.48 million lats, which is 13.4% net profit margin.
Revenue from final dosage form medicines sales during first six months of the year 2007 comprised 23.44 million lats, growing by 23% as compared with the corresponding period in 2006.
Grindeks is actively continuing to search for new markets for its medicines. In May 2007 the Company has concluded agreement on registration of its top brand product Mildronate in the People’s Republic of China.
Chairman of the Board of JSC Grindeks Janis Romanovskis informs: “This is a significant investment in future development of Grindeks, taking into account market size of pharmaceutical products as well as rapid increase of purchase capacity in China.”
Grindeks is successfully continuing development of active pharmaceutical ingredient segment of its business selling both in existing and new markets. Export of active pharmaceutical substances during first half of the year 2007 represented increase of 44% as compared with the respective period of 2006. The Mutual Recognition Procedure in Europe of already second active pharmaceutical ingredient Detomidine has been accomplished in the first half of this year.
During the reporting period the Company has successfully realized the biggest investment project of ERDF in Latvia, creating the new Analytical Scaling Laboratory - the only laboratory of this kind in the Baltic States up to now, certified accordingly to the requirements of Good Laboratory Practise.
Grindeks share price in the first six months of 2007 in Riga Stock Exchange fluctuated in the range from Ls 6.99 to Ls 9.05 per share in February, reaching historical maximum of the share price. Grindeks earnings per share for the first half of the year 2007 were Ls 0.36 or 0.52 euros.
JSC Grindeks is the leading pharmaceutical company in the Baltic States, specializing in the manufacturing of heart and cardiovascular medications; CNS drugs and anti-cancer agents. Its concern consists of four subsidiary companies in Latvia, Estonia and Russia and seven representative offices. Production is being exported to 40 countries. Main markets – Baltic States, Russia, and CIS countries, Japan, USA. Grindeks shares are listed in the Official list of Riga Stock Exchange.
Assistant to the Chairman of the Board