Veropharm Nine-Month Profit Down 20%

MOSCOW, November 30 (RIA Novosti) – Veropharm, one of Russia’s leading pharmaceutical producers, posted an IFRS nine-month net profit of 938 million rubles ($30.25 million) on Friday, down almost 20 percent on the same period in 2011, the company said.

That was well below the 0.8 percent rise in profit to 1.167 billion rubles predicted by analysts.

Revenues for the period fell 8.4 percent on the previous year. Operating profit for the nine-month period rose 1.2 percent on the previous year to 1.248 billion rubles.

Veropharm, which includes the 36.6 pharmacy retail chain and three manufacturing plants, sells over 400 products and is listed in Russia’s MICEX-RTS stock exchange.

The group’s 2011 IFRS net profit rose 42.5 percent on the previous year to 1.78 billion rubles.


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