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Finance, pharmas and tech big winners in 2005
Banks, pharmaceutical companies and some of Hungary’s IT pioneers were among the strongest performers in 2005, it was revealed last week as publicly listed enterprises submitted their obligatory annual reports. The pharmaceutical sector - long a flagship of Hungarian industry - produced cheering results, as well.
The biggest player, Richter Gedeon Rt., scored post-tax profit of HUF 44.2 billion (EUR 176.08 million) in 2005. Its export revenues grew 18.4% to USD 501.2 million. Within that, exports to the CIS went up 40% to USD 215.9 million and sales to the EU grew 18.6%. However, sales to the American market dropped 17% to USD 69.3 million. Domestic sales increased by 14.4%.
Rival Egis - which starts its business year in October - exceeded all expectations by posting a 63.3% annual rise in its consolidated profit figure for the ‘first quarter’ - i.e., October-December 2005. Net profit in that period came to HUF 6.4 billion (EUR 25.50 million).
Sales rose 20.4% to HUF 29.55 billion (EUR 117.72 million), including domestic sales of HUF 15.88 billion (EUR 63.27 million), a 14.6% rise, and exports of HUF 13.67 billion (EUR 54.46 million), up 27.8%. Like Richter, it saw its biggest export growth - 68% - in sales to the CIS.
Source: The Budapest Times