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Croatian drug maker JGL swings to 3.5 mln euro profit in H1

Author Iskra Pavlova
Croatian drug maker JGL swings to 3.5 mln euro profit in H1 Photo: All Rights Reserved

ZAGREB (Croatia), August 30 (SeeNews) - Croatian pharmaceuticals producer Jadran Galenski Laboratorij (JGL) turned to a consolidated net profit of 26 million kuna ($3.9 million/3.5 million euro) in the first half of 2019, from a 19 million kuna loss in the like period of 2018, as revenues rose faster than expenditures, it said.

Total revenue was up 15% on the year to 406 million kuna in the six-month period, while total expenditures increased by an annual 2.7% to 380 million kuna, JGL said in its half-year consolidated financial report published on Thursday.

The biggest annual increase in sales, of 75%, JGL recorded in Ukraine, followed by Bosnia (up 28%), Belarus (up 25%), Serbia (up 16%) and Russia (up 14%). The biggest growth driver in terms of products in the first six months was the Aqua Maris line of natural products based on sea water, which saw a 22% rise in sales in Russia.

In January-June, JGL placed 27 new products on the market, mainly in the respiratory, ophthalmology and dermatology areas. A total of 19 development projects were active during the period.

In May, JGL signed a strategic partnership deal with Poland's Polpharma, considering potential collaboration on the Russian market, as well as cross-licensing of prescription and non-prescription drugs. Under the deal, part of Polpharma’s portfolio will be manufactured in JGL’s plants in Rijeka, for sale on the Croatian and other European markets.

Founded in 1991, JGL is one of the largest drug makers in Croatia, specialising in the production of sterile nose, eye and ear drop solutions.

(1 euro = 7.40476 kuna)