Business News


Exchange Rate Differences Reduce Krka Q1 Profit

Novo mesto, 15 May (STA) - Pharma company Krka saw its group net profit fall by 17% year-on-year to EUR 42.5m in the first quarter of the year due to adverse exchange rate trends, while sales revenue was up 1% to EUR 298m.

Net profit at the core company was down 16% to EUR 41.8m on EUR 288.6m in revenue, Krka officials revealed at a news conference in the city of Novo mesto on Thursday.

They said the results at the group and core company were affected mainly by net negative exchange rate differences of EUR 14m, which compares to the positive impact of EUR 2m in the first quarter 2013.

Group operating profit was up 8% year-on-year to EUR 63m in the first quarter of 2014, while profit before tax was down 19% to EUR 48.9m.

Sales in foreign markets amounted to EUR 278.7m, accounting for 94% of the group sales in the first quarter; 39% were generated in Eastern Europe, surging by 16% to EUR 116.2m.

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