Business News

Krka Generates EUR 91.6M Profit in First Half (adds)

Novo mesto, 28 July (STA) - The group around pharma company Krka generated EUR 92.4m in net profit in the first half of 2011, which is 1% up compared to the same period last year. The core company made a net profit of EUR 91.6m, down 7% year-on-year, according to the unaudited data Krka published on Thursday.

Krka generated sales of EUR 488.7m in the first six months, which is up 2% year-on-year, while the group sold goods and services worth EUR 528.8m, a 6% increase.

The core company's operating profit stood at EUR 117.6m, increasing by 5% over the same period last year. The whole group meanwhile generated EUR 123.2m in operating profit, up 15%.

Krka chairman Joze Colaric told a press conference in Novo mesto that his company generated 90% of its sales on foreign markets.

The biggest share of products for foreign markets went to Central Europe (30%), earning Krka EUR 156.4m, which was followed by Eastern Europe (25%; EUR 134.6m), Western Europe and overseas markets (21%; EUR 112.6m) and Southeastern Europe (14%; EUR 73.5m).

Colaric moreover said that most of Krka's goods and services went to Russia, where it generated sales of EUR 92.8m, up 5% compared to the fist half of 2010.

In Slovenia, Krka increased its sales by 2% to EUR 51.6m, he said, adding that his company spent EUR 53.1m on investments in the first six months.

Colaric told the press that Krka was not satisfied with the value of its shares, which were valued at EUR 60 at the end of June, adding that Krka aims to enter a foreign stock exchange but had not yet decided on which one.

He is confident that the board would decide on the matter by November and that Krka would get listed on a stock market abroad in 2012.

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