Gedeon Richter posts flat 1st-half sales rise but lower profits

Hungary’s largest drugmaker Gedeon Richter (RICHT: HB) has reported sales in the first half 2016 increased by 1.8% in Hungarian forint terms to 187.27 billion forints ($657 million) and remained virtually unchanged in euro terms when compared to the same period 2015.

The euro/forint average exchange rate weakened by 1.8% during the first half 2016 compared with the same period of the previous year. Profit from operations decreased by 11.5% to 28.0 billion forints in forint terms (13.1% in euro terms) as a result of a decline experienced at gross profit level combined with higher sales and marketing expenses. Basic earnings per share were 163 forint, a decline of 19.7%.

In Hungary sales totalled 20.18 billion forints in the first half 2016, a 670 million forints increase compared to the levels reported in the same period 2015.