OREANDA-NEWS. JSC Olainfarm has experienced the most profitable first quarter in its history, as its profits reached 3.7 million euro and sales were up to 23.3 million euro. Profit has increased by 32%, while sales by 30%, compared to the same period one year ago. Major sales markets of JSC Olainfarm during Q1 2014 were Russia, Ukraine, Latvia, Belarus and the Netherlands.

„Despite very tense Russia - Ukraine relationships and devaluation of Tenge in Kazakhstan, we have experienced the most profitable first quarter in our history. Sales of major products are more even, sales of registered products are expanding and we plan to start exporting to Mongolia this year. Sales of nti-tuberculosis product to WHO are also increasing,” says Valerijs Maligins, Chairman of the Board of JSC Olainfarm.

During the 1st quarter of 2014 JSC Olainfarm sales continued to increase in all of the company's main markets, except for Kazakhstan, where they decreased by 50% year-on-year. The decrease was due to devaluation of Kazakhstan national currency Tenge at the beginning of the year. The biggest increases in sales during Q1 2014 were achieved in Spain (+181%), Lithuania (+171%), Ukraine (+157%) and Uzbekistan (+67%).In total during three months of 2014 products of JSC Olainfarm were sold to 31 countries in five continents.

During this period 12 registration cases have been approved in several countries. Several products are still in the process of obtaining MAs, among other countries, in Poland, Mongolia and Kosovo. Preclinical trials of R-fenotropil are being conducted and totally new forms of existing products are being developed.

JSC Olainfarm budget and operating plan for 2014 sets targets for consolidated sales to reach 93 million euro and net profit to reach 15 million euro. According to the unaudited report, during the 1st quarter of 2014 25.1% of the annual sales target and 24.5% of the annual profit target have been met.

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.