JSC „Olainfarm” unaudited results for the 1st quarter of 2006

31/05/2006

JSC „Olainfarm” has combined results of activity in first quarter of year 2006 and made an unaudited financial statement on activity of the company and the Holding in corresponding period. Unaudited consolidated statements are published with Riga stock exchange (www.rfb.lv) and JSC „Olainfarm” (www.olainfam.lv) Internet home pages.


The total profit of the Holding in 1st quarter of year 2006 has amounted to 0,022 millions of lats (0,031 mil. EUR). The profit of JSC “Olainfarm” the parent company of the Holding  in 1st quarter of year 2006 has amounted to 0,155 mil. of lats (0,22 mil. EUR). The Holding’s consolidated earn per share in 1st quarter of year 2006 formed Ls 0,002 (0,003 EUR) per one share. The earn per share of JSC „Olainfarm” in 1st quarter of year 2006 has formed Ls 0,015 (0,021 EUR) per one share. In total, decrease of the income and rentability indexes of the Holding has been influenced by the growth of wages and salaries by 53% at the parent company, as well as losses suffered by the subsidiary LLC „Baltfarm”.

The total net turnover of the Holding in 1st quarter of year 2006 amounted to 3,95 mil. of lats (5,63 mil. EUR). Increase of turnover of the Holding is mainly facilitated by the growth of the parent company’s turnover by 28%, comparing to the corresponding period of year 2005. Turnover of JSC “Olainfarm” in 1st quarter of year 2006 has reached 3,71 mil. Ls (5,28 mil. EUR), which is by 2% overreaching the planned growth of the turnover planned by the management of the company for this period. The net turnover of the subsidiary LLC „Baltfarm” in 1st quarter of year 2006  has amounted to 0,51 mil. Ls (0.73 mil. EUR).

Despite the ongoing reconstruction of the chemical products manufacturing site, laboratories and additional warehouse premises at the Holding’s parent company, the manufacturing of finished drug forms (FDF) and chemical products is rolling in accordance with previously approved plan, which has been even overreached by 19% in 1st quarter of 2006. In 1st quarter of 2006 the growth of sales of the Holding’s parent company’s manufactured products continued at all basic FDF sales markets, but the greatest growth has been noted at the markets of Georgia, Lithuania and Belarus.

 

Analysis of the Holding’s financial stability indexes is provided in the Management’s report along with the published financial statement.