OREANDA-NEWS. Consolidated profit and loss account of JSC Olainfarm for 2013 shows that the company has reached sales of 77.9 million euro. This represents an increase by 4% compared to 2012, when sales of JSC Olainfarm were 75.2 million euro.

After tax profit of the company in 2013 was 12.6 million euro, which is a reduction by 9% compared to 2012, when the net profit was 13.8 million euro.During 2013 sales to all key markets of JSC Olainfarm continued growing, except Ukraine, where due to extra shipments of 2012 they shrank by 45%. The biggest sales increases were achieved in The Netherlands, where products for WHO's anti-tuberculosis products are being sent. Sales there have increased by 351%. Significant sales increase has also been achieved in Spain (sales grew by 202%), Belarus (sales grew by 48%) and Uzbekistan (sales grew by 42%). Major sales markets of JSC Olainfarm in 2013 were Russia, Latvia, Ukraine, Belarus, Kazakhstan and the UK.

The bestselling products in 2013 were neurology medication Neiromidin, Noofen and Adaptol, antibacterial medication Furamags and cardiology medication Etacizins.

During 2013 37 products have been registered in 7 different countries, including the marketing partnership products. Registration processes have been started also in Turkey, Mongolia, Mexico and Kosovo. The work has been started at developing several new final dosage forms, clinical trials of injectable form of Kapikor (Olvazol) are being conducted.

With support of European Regional Development Fund in 2013 laboratory equipment has been acquired which will allow moving the production of nitrofuranes to a new production unit and further improving production technologies of this group of products.

In December 2013 Management Board of JSC Olainfarm adjusted previously set profit and sales guidance. According to them the sales of the Concern in 2013 were planned to be 75.1 million euro while the net profit guidance was 12.5 million euro. According to audited report the sales guidance has been outperformed by 3.8%, while profit guidance was outperformed by 0.8%.

JSC Olainfarm Consolidated Annual Report for the Year Ended 31 December 2013

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 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 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.