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29.01.2009

Hungary's Egis to cut Russia, Ukraine sales targets

Hungarian drug maker Egis  will likely lower its sales targets for Russia, Ukraine and other former Soviet nations as the global economic crisis takes a toll on sales, its chief financial officer said.

"We're likely going to cut all our targets (for the former Soviet Union)," CFO Laszlo Marosffy told Reuters on Wednesday.

"The biggest problem is not Russia, it's Ukraine and Kazakhstan."

Marosffy added that sales growth of 5 to 10 percent in Russia is still possible in 2009, somewhat below the previous 10 percent target, but in Ukraine, where the company earlier forecast 15 percent growth, the environment was more difficult.

"In Ukraine we're very far from the original target ... at this point I don't think we can produce growth there at all," Marosffy said. "Turnover is down and customer payments are also struggling." (Reporting by Balazs Koranyi; Editing by David Holmes)


Source:  www.reuters.com

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