Grindeks profit reaches 5 million lats in the first half of 2008

JSC GrindeksThe financial statements of the JSC Grindeks for the first half of the year 2008, submitted to Riga Stock Exchange, certify that the Group of Grindeks has operated successfully during the first six months of this year. The net profit during the reporting period is 5 million lats, which is by 43% more than in the first half of 2007. The turnover of the Group during the first half year amounts to 31.9 million lats, which is by 6 million lats or 23% more than in the first half of 2007.

Grindeks sales volume of ready-made medications in the first half of the year 2008 is 29.6 million lats, exceeding the result of the comparable reporting period of 2007 by 5.8 million lats or 24.5%. Sales of ready-made medications in the main markets, Russia and other CIS countries, amounted to 26.7 million lats. During the reporting period sales of the original product Mildronate® amounted 24.6 million lats or 78% of the total sales volume of ready-made medications, which is by 6.8 million lats or 38% more than in the first half of the year 2007.

The chairman of the Board of Grindeks Jānis Romanovskis points out: "Grindeks results for the first half of the year 2008 show that the marketing and sales strategy of the ready-made medications in Russia and other CIS countries is being realized successfully. Besides, the effectiveness of the Group is approved by the continuity of large-scope investment program during the tense economical situation in Latvia. The major investment projects of Grindeks - the expansion of the production unit of ready-made medications with the investment of 7.5 million lats, as well as the construction of purification plant at the Latvian production site with the investment of 2.5 million lats – are proceeded according to agreed schedule."

The profit ratio of Grindeks was also positively influenced by the export of active pharmaceutical ingredients (APIs) that reached 2.3 million lats during the first half year of 2008, which is 0.1 million lats or 5% more than in the first six months of 2007.

The chairman of the Board of Grindeks Jānis Romanovskis notes: "Currently Grindeks continues to hold the acquired market shares on the APIs market in the European Union and worldwide. However, it is important to mention that Grindeks production of APIs has completely satisfied increasing internal demand for APIs, including the substance of mildronate for the production of ready-made medications."

About JSC Grindeks
JSC Grindeks is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development and manufacturing of brand products, generics and active pharmaceutical ingredients. Grindeks specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups.

A range of Grindeks's products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein.

Grindeks concern consists of four subsidiary companies in Latvia, Estonia and Russia, as well representatives and representative offices in fourteen countries. Products of the company are exported to more than 40 countries and its export comprises more than 96% of the total turnover. The main markets are: the Baltic States, Russia and other CIS countries, Japan, USA. Grindeks shares are listed in the Official List of Riga Stock Exchange.

For more information, please visit www.grindeks.lv.

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