Veropharm sees IFRS net profit fall 91% in Q1 to 30 mln rubles
MOSCOW. June 5 (Interfax) - OJSC Veropharm saw net profit to International Financial Reporting Standards (IFRS) fall 91% year-on-year in the first quarter of 2014 to 30 million rubles, the company said.
Sales grew 9.25% to 1.311 billion rubles, while earnings before taxes, depreciation, and amortization (EBITDA) declined 38% to 310 million rubles. EBITDA margin was 23.7%.
Operating profit in Q1 fell 41% to 276 million rubles, while operating profit margin was 21.1%.
Te company's gross profit was down 18.9% at 644 million rubles. Gross profit margin was 49.1%.
Pharmaceuticals sales grew 2% to 1.137 billion rubles, including prescription medicine (948 million rubles), over-the-counter (187 million rubles) and traditional (2 million rubles).
Revenue from non-pharmaceuticals sales doubled to 174 million rubles, and the share of these sales in the overall sales structure was 13.3%.
VeroPharm sales as part of the government's free or reduced cost prescription program totaled 17.6 million rubles, which was 1.3% of the company's sales.
Investments aimed at equipping and modernizing the company's main production assets totaled 404 million rubles in Q1 2014.
As of March 31, VeroPharm had debt of 2.852 billion rubles, up from 2.667 billion rubles at the end of 2013 and 1.88 billion rubles on May 31 of last year.
