Olainfarm#ins_quot2#s profit increases by almost 50%

28/02/2011

Consolidated financial accounts of AS „Olainfarm” for 2010 show that the Company has set yet another record in profits by making the net profit of 3.53 million lats (5.02 million euros). This represents nearly 50% increase compared to the net profit of 2009, when AS “Olainfarm” made the net profit of 2.36 million lats (3.36 million euros).


 

Olaine, February 28, 2011, 2011-02-28 15:53 CET (GLOBE NEWSWIRE) — Unaudited profit and loss statement of a/s „Olainfarm” for 2010 AS “Olainfarm” shows that the company made sales of 25.02 million lats (35.61 million euros). Concern#ins_quot2#s after tax profit during this period was 3 525 897 lats (5 016 899 euros). In 2009 AS “Olainfarm” made net profit of 2 363 063 lats (3 362 336 euros).

 

“Strategy implemented so far has been the right one. AS “Olainfarm” has demonstrated good financial performance. In the near future we do not see any major threats for further growth, so there are reasons to expect that the growth will persist,” says Valerijs Maligins, Chairman of the Board of AS “Olainfarm”.

 

In 2010 AS “Olainfarm” increased sales to all its key markets, except Latvia. Biggest increases were experienced in Moldova (by 118%), Uzbekistan (by 49%), Georgia (by 39%), Ukraine (by 25%), Russia (by 23%), Belarus (by 16%) and Kazakhstan (by 15%).

 

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 were 24.5 million lats (34.9 million Euro), but the net profit was forecast at 2.7 million lats (3.8 million Euro). According to the unaudited report the sales target has been exceeded by more than 2%, while the profit target was exceeded by nearly 31%.

 

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:
Salvis Lapins
Member of the Board
A/s „Olainfarm”
Tel: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: slapinsh@olainfarm.lv