Consolidated profit and loss account of JSC Olainfarm for 1st quarter of 2011 shows that the company has reached yet another record profit of 1.72 million lats (2.45 million euros). This represents an increase of nearly 150% compared to the first quarter of last year, when profit was 697 883 lats (992 998 euros). This has so far been the most profitable quarter in corporate history of Olainfarm.
Unaudited profit and loss statement of JSC Olainfarm for the first quarter of 2011 shows that Company’s sales were 8.2 million lats (11.6 million euros). This is an increase by 34% compared to the first quarter of last year and exceeds the previous record quarterly sales made during 4th quarter of 2009 by nearly one million lats. During the first quarter of 2010 Olainfarm made sales worth 6.1 million lats (8.7 million euros).
“Successful strategic choices of Olainfarm result in the fact that we become stronger on our main markets and at the same time continue diversification of product portfolio. Therefore the decision to pay dividends for the first time in our history is just the next logical step, very important one for investors,” says Valerijs Maligins, CEO of Olainfarm.
During the 1st quarter of 2011 sales to all key markets of the Company, except Kazakhstan, continued increasing. The fastest sales growth was experienced in Bulgaria (by 350%), Belarus (by 117%) Uzbekistan (by 87%) Ukraine (by 80%) and Latvia (by 75%).
Annual General Meeting of Shareholders of Olainfarm held on April 29, 2011 approved the operating plan of the company. According to it, the forecast sales of the Concern for 2011 are 29.4 million lats (41.8 million Euro), but the net profit is forecast at 5.1 million lats (7.3 million Euro). According to this unaudited report, during the first quarter 28% of targeted annual sales and 34% of targeted annual profit were achieved.
JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Information prepared by:
Member of the Board
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