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Olainfarm’s six months profit has doubled this year (Olainfarm’s six months net profit this year exceeds one million Euros)
Emitents Olainfarm, AS (213800WCG52W62ENOP27)
Veids Būtiski notikumi
Valoda EN
Statuss Publicēts
Datums 2007-08-15 09:20:28
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JSC “Olainfarm”                                                                                               August 15th, 2007
 Olainfarm’s six months profit has doubled this year
Olainfarm’s six months net profit this year exceeds one million Euros
Profit and loss statement of JSC „Olainfarm” for the first six months of this year shows that company’s sales have grown by 24% while the net profit has grown by 101% compared to that of first half of 2006. Improvement in financial indicators reflects the successful performance pf JSC Olainfarm in both, foreign and local markets where the sales volumes are growing constantly.
Unaudited profit and loss statement of the parent company of JSC "Olainfarm" for the first half of 2007 shows that the company’s sales were 9,01 million Lats (12.82 million Euros), which is an increase by 24% compared to the sales in previous period last year when they amounted to  7,24 million Lats (10,3 million Euros).  Company’s after tax profit in this period was 768 656 Lats (1 093 698 Euros), which represents an increase by 101% compared to the same indicator for first six months of 2006, when it was  382 439 Lats (544 161 Euros).
„Rapid and at the same time stable growth of Olainfarm’s sales and profit proves the strong potential for company’s long term growth. We are satisfied to see the returns on investments previously made into product research and development, sales promotion and more efficient production. Extension of product portfolio with new promising products, diversification of product forms, entering new markets and strengthening of our positions in our current ones, cooperation with multinational pharmaceutical companies – all these are factors that will increase the value of the company in future” Valerijs Maligins, Chairman of Olainfarm’s board, says.
In 2007 Olainfarm plans to make 20.5 million Lats (29,2 million Euros) in sales and 1,68 million Lats (2.39 million Euros) in net profit
Company’s development strategy is targeted at development and production of products with higher value added as well as at strengthening of Olainfarm’s positions in both, 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. 
Olaine, August 15th, 2007
Information prepared by:
Salvis Lapinsh
Deputy CFO, Olainfarm
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