Industry, Latvia, Markets and Companies

At the shareholders’ meeting it was decided to remove chairman Ivars Kalvins, his deputy Milana Belevica and Ivars Godmanis from the Olainfarm supervisory board. They were replaced on the Olainfarm supervisory board with Pavels Rebenoks, Irina Maligina, Martins Kriekis, Daina Sirlaka and Signe Baldere-Sildedze.

Replacements were made also on the company’s management board. Lauris Macijevskis was removed from the Olainfarm management board and replaced with SEB Banka manager Inga Krukle.

As reported, Olainfarm pharmaceutical group posted 5.78 mln euros in net profit for the first six months of 2018, which is a 1% rise from the respective period last year, according to the unaudited consolidated income statement the company submitted to the Nasdaq Riga stck exchange.

The group’s net turnover in the first half of this year reached 61.8 mln euros, down 1% from the respective period last year.

In the first half of 2018, the Group’s sales volumes continued to increase in all of its major markets, with the exception of Russia and Kazakhstan, which recorded a 5% drop. The significant increase in sales volumes (+26%) was achieved in Belarus. In Uzbekistan, sales increased by 38%, the growth was also noted in Latvia and Ukraine. The company's main sales markets in the first half of the year remained unchanged.