According to preliminary figures, sales of Olainfarm exceed the forecast.
According to preliminary figures sales of a/s „Olainfarm” last year were 25.2 million lats (35.85 milion Euro), which represents about 13% increase to the sales of 2009. Tentative target of sales for 2011 is at least 28 million lats (39.84 million euro), also this year company plans to invest in modernization.
“Over the last two years we have made relatively small investments into development of the company, therefore most likely the profit of 2011 might be somewhat smaller than that of 2010, as we plan the capital expenditures of about 3 million lats this year. This is besides investments in new producs and markets, as we do continuously invest there. We will invest 3 million in modernization and reconstruction of production units and laboratories, we also plan to purchase some new equipment,” says Valerijs Maligins, chairman of the Board of AS “Olainfarm”.
Annual General Meeting of Shareholders of „Olainfarm” held on April 29, 2010 approved the operating plan of the company. According to it, the forecast sales of the Concern for 2010 are 24.5 million lats (34.9 million Euro), but the net profit is forecast at 2.7 million lats (3.8 million Euro).
Net profit of AS “Olainfarm” in 2009 was 2.36 million lats (3.36 million euro), while sales were 22.4 million lats (32 millon euro).
A/s 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:
Member of the Board
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