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08.06.2010

Russia's Protek reports 4.4 pct Q1 sales rise

Russian pharmaceutical firm Protek posted a 4.4 percent rise in Q1 revenue in its debut results as a public company, helped by a 5.9 percent rise in its core drugs distribution arm.

The company, which raised $400 million on Moscow bourses in April, said on Monday overall revenue came in at 22.2 billion roubles ($715 million) for the three months to end March, up from 21.3 billion during the same period last year.

Distribution -- by far the largest of the company's main arms -- was 5.9 percent higher at 20.1 billion roubles.

"The rise in revenue came on the back of an overall market fall of 4 percent," Protek said in a statement.

The group's recent stock market float, one of few done deals in a long list of Russian IPO hopefuls, netted a $200 million windfall for founder Vadim Yakunin.


Source:  www.iii.co.uk

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