Unaudited 6 months profit of Olainfarm about 820 000 lats


Unaudited net profit of JSC “Olainfarm” during the first half of 2009 is about 820 lats (1.2 million Euros) while the sales compared to the similar period of 2008 have increased by 6.45%, company#ins_quot2#s CEO Valerijs Maligins informed BNS#ins_quot2#s business new portal “Baltic Business Service”.


“During the first half of 2008 Olainfarm made a rather sizeable shipments to Poland and to “Novartis Grimsby Limited”, a British subsidiary of Swiss pharmaceutical company “Novartis”. This year these shipments will be made during the second half of the year. Should we subtract these shipments from the sales of first half of last year, then the sales increase would have been 14.5%. This is a very good performance and we are satisfied with such results. Once we make these shipments to Poles and Swiss during the second half, our sales year on year could be up by 20%. So, shall we continue to work as actively then the target sales for 2009 of 24 million lats will be reached”, says Olainfarm#ins_quot2#s CEO Valerijs Maligins.


Six months financial report of JSC “Olainfarm” will be submitted to NASDAQ OMX Riga on August 28th, 2009.


JSC Olainfarm is one of the biggest companies in the Baltic States with more than 35 years of experience in production of medicines and chemical and pharmaceutical products. The 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. Currently the products of JSC Olainfarm are being exported to more than 30 countries worldwide, including the Baltics, Russia, CIS, Scandinavian and other Western European countries, Asia and the USA.


Information prepared by
Salvis Lapins
JSC “Olainfarm”
Deputy CFO
tel. +371 6 7013717,
cell: + 371 2 6448873
fax. + 371 6 7013777