Baltic Export, Baltic States – CIS, Latvia, Markets and Companies, Medicine

Meanwhile, the group’s net profit, attributable to shareholders of the parent company, was EUR 3.7 million in the nine months of 2014 and has decreased by EUR 4 million or 52.4% in comparison to the nine months of 2013.

Gross profit margin in the nine months of 2014 was 58.3% while net profit margin was 5.8%.

In the nine months of 2014, the Grindeks production was exported to 57 countries worldwide, worth a total of EUR 59.7 million which is EUR 16.4 million or 21.5% less than in the nine months of 2013.

The company informs that the turnover ratio of the nine months of 2014, in comparison to the same period of last year, has been influenced by a number of key factors – the geopolitical situation in Russia and Ukraine, which led to the devaluation of the national currency, as well as a wholesale warehouse balance optimization. Because of these factors, the forecast that the performance in Russia will improve in the second half year has not reached the expected result, while the decrease in net profit was due to an increased investment in research and development of two strategic projects.

Grindeks is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. The Grindeks group consists of four subsidiary companies in Latvia, Estonia and Russia, as well as representative offices in 13 countries.