“Olainfarm” increases its sales and profit forecast

16/11/2011

Management Board of AS “Olainfarm” today decided to raise the profit and sales forecast of the company for 2011. Revised budget and operating plan of AS “Olainfarm” for 2011 provides that the company will have sales worth 35 million lats (49.8 million euros) and will make the net profit of 6.3 million lats (8.96 million euros). Sales forecast has been increased by about 19%, while the profit forecast was increased by 24%. This revised forecast has been prepared basing upon unconsolidated figures of AS “Olainfarm” and does not include any impact that will be left by pharmacies that will be purchased before the end of the year.



Previous version of budget and operating plan of AS “Olainfarm” for 2011 provided that sales of the company in 2011 will reach 29.4 million lats (41.8 million euros), while the net profit will reach 5.1 million lats (7.3 million euros). According to preliminary sales results for 10 months of 2011, during this 10 months period AS “Olainfarm” has by nearly 2% outperformed its sales forecast for entire 2011.

AS Olainfarm is one of the biggest pharmaceutical companies in Latvia with nearly 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company#ins_quot2#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 30 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.    



Information prepared by:

Salvis Lapins

Member of the Board

AS Olainfarm

Cell: +371 26448873

e-mail: Salvis.Lapins@olainfarm.lv