Veropharm posts 1H 2009 Net Profit of $18.1 million

Leading Russian pharmaceutical producer Veropharm, has posted a 1H 2009 Net Profit of $18.1 million under IFRS.

The bottom line was down 6.7% on the 1H 2008 Net Profit of $19.4 million, with EBITDA falling 19.6% year on year to $23 million, on the back of Revenues of $69.6 million, down 19.5%.

The company mostly attributed its Net result to losses from foreign currency operations. It also noted that the results in Rouble terms were more positive, with Net profit growing by 29% to 598.8 million Roubles, with EBITDA up 10.9% to 759.2 million Roubles, on an 11% year on year Revenues increase to 2.3 billion Roubles.