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Russia's Pharmstandard 2008 profit rises 7 pct

Russian drug maker Pharmstandard said on Tuesday its 2008 net profit rose by 7 percent to 3.5 billion roubles ($105 million) on the back of growing sales.

The company said in a statement sales rose by 26 percent last year to 14.3 billion roubles. First-quarter 2009 sales were 4.6 billion roubles, up 38 percent year on year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding foreign exchange loss, grew 24 percent to 6.05 billion roubles, while the EBITDA margin slipped to 42.3 percent, from 42.9 percent in 2007.

Gross profit totalled 8.8 billion roubles, up 28 percent, and gross margin edged up to 61 percent, from 60 percent.

Pharmstandard (PHST.RTS) held an initial public offering in May 2007 raising $880 million through the sale of 43 percent of its equity and becoming the first firm in the sector to float.

The company, which has five plants in Russia, also develops and sells medical equipment and disposable medical products. 

($1=33.39 Rouble)

Source:  Reuters

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