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Pharmacy Chain 36.6 posts net loss
The net loss of the Pharmacy Chain 36.6 under IFRS amounted to $16.9 in the first half of 2007, compared to a $49.5m net profit posted for the first six months in 2006, the company reported.
The Russian pharmacy chain's consolidated sales soared 78.6 percent to $390.5m compared to the same period a year earlier, with pharmaceutical sales surging 92 percent to $302.9m. The significant hike in the pharmacy segment was prompted by the acquisition of retail chains over 2006. Like-for-like pharmacies' sales grew 34.6 percent.
Sales of Veropharm, Pharmacy Chain 36.6's pharmaceutical production arm, spiked 31.7 percent to $59.5m compared to the same period in 2006 mostly due to an increase in sales of medicine product portfolio. Sales of the European Medical Center (EMC), acquired by Veropharm in September 2006, amounted to $12.7m in the first half year.
The pharmacy chain's consolidated gross profit surged 66.1 percent to $130.9m, with consolidated EBITDA rising 63.9 percent to $15m, and debt amounting to $247.1m as of the end of June.