OREANDA-NEWS  On 12 November was announced, that the financial statements of JSC Grindeks for the first three quarters of the year 2008, submitted to Riga Stock Exchange, certify that the Grindeks Group operated successfully during the first nine months of this year. The net profit during the reporting period was 7.65 million lats, 56.1% more than in the first nine months of 2007. The Group’s turnover during the first nine month amounted to 46.96 million lats, 8.89 million lats or 23.4% more than in the first nine months of 2007.

In the first nine months of 2008 sales volume of ready-made medications of the Group amounted to 43.25 million lats, exceeding the result for the same reporting period in 2007 by 8.3 million lats or 23.8%. Sales of ready-made medications in the main export markets, Russia and other CIS countries, amounted to 38.9 million lats. In the first nine months of 2008, export of active pharmaceutical ingredients reached 3.7 million lats which is by 0.6 million lats or 19.4% more than during the same period of 2007.

Chairman of the Board of Grindeks Janis Romanovskis emphasizes: “During the nine months period Grindeks focused on achieving set goals and maintained profit and turnover grows dynamics. Our sales volume increase in Ukraine, Belarus and Russia substantially overtops overall pharmaceutical market increase which is very engaging. Active pharmaceutical ingredients business is also showing good results.

The market strategy of Grindeks has justified itself, therefore company will concentrate our activity on both, the existing markets and new, prospective market acquisition.

Chairman of the Board of Grindeks Janis Romanovskis notes: “As well as other industries in pharmaceutical market economical situation is intense, but at the moment we have not perceived its influence. Carefully analyzing economical and financial processes in our target markets, we are continuing to execute new market strategy. Market research in the South-East Asian region is proceeding. We have started the registration process of Grindeks main brand product Mildronate® in Vietnam.”