ZAGREB (Croatia), October 21 (SeeNews) – Croatian drug producer Genera said on Wednesday its nine-month consolidated net profit rose by 52% on the year to 5.6 million kuna ($1.15 million/769,100 euro).
Genera’s consolidated gross profit grew by 41% year-on-year to 74.2 million kuna through September, while operating profit jumped by an annual 116% to 9.8 million kuna, the company said in a statement.
It added that the total consolidated income reached more than 148 million kuna in the first nine months of 2009, 3.0% up from a year earlier.
"In addition to the increase in income, efficient cost management had the highest impact on a significant increase in the profitability indicators," Genera said, adding that it cut costs related to sold goods and sales and distribution costs by 18% and 10%, respectively, in the January-September period of 2009.
"The effects of restructuring carried out at the end of 2008 and all undertaken activities aimed at increasing the efficiency of operations as well as the rationalisation of costs had a significant positive impact on the financial result of Genera,” it said.
Genera shares were last traded on the Zagreb bourse on October 20, closing 4.03% down at 59.50 kuna.
(1 euro=7.2813 Croatian kuna)