Olainfarm
Company Announcement

CORRECTED: Sales of “Olainfarm” grow by 27% in June

Preliminary sales figures of AS “Olainfarm” for June 2011 show that sales of the company in June have increased by 27%, compared to this period last year and totalled 3.15 million lats (4.48 million euros). The most rapid sales growth has been experienced in Spain, where sales grew 111 times, in Uzbekistan, where sales grew by 233% and in Russia where sales in up by 98%. The major sales markets of AS “Olainfarm” in June 2011 were Russia, Ukraine, The Netherlands, Kazakhstan and Latvia.

Olaine, July 14, 2011, 2011-07-14 13:21 CEST --  

Preliminary sales of AS “Olainfarm” for six months of 2011 are 17.97 million lats (25.57 million euros), which represents an increase by 43% compared to first six months of 2010. During the first six months of this year the biggest growth was seen in Canada, where sales have increased 36 fold, The Netherlands, where sales have grown 9 times, Uzbekistan by 134%, Ukraine by 118%, UK by 100% and Latvia by 49. The main sales markets of AS “Olainfarm” during first six months of 2011 are Russia, Ukraine, Belarus, Latvia, Kazakhstan and the UK.

Operating plan and budget of AS “Olainfarm” for 2011 provides that company plans the sales of 29.4 million lats (41.8 million euros) and the net profit of 5.1 million lats (7.3 million Euro). According to these preliminary figures 61% of sales planned for the entire year were made during the first six months of 2011.

Few shipments made to Ukraine were mistakenly not included in the 6 months sales summary published earlier and that influenced the total sales figures for 6 months, overall sales increase figures, sales increase to Ukraine, Ukraine’s share in total sales and the percentage by which the annual target sales are met.

The Company apologises for any inconveniences.

A/s Olainfarm is one of the biggest pharmaceutical companies in Latvia with nearly 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 30 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.     

         Information prepared by:
         Salvis Lapins
         Member of the Board
         A/s „Olainfarm”
         Tel: +371 6 7013 717
         Cell: +371 2 6448 873
         E-mail: slapinsh@olainfarm.lv