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Slovenian drug maker Krka's Q1 net profit rises 21% y/y

Author Iskra Pavlova
Slovenian drug maker Krka's Q1 net profit rises 21% y/y Source: Krka

LJUBLJANA (Slovenia), May 21 (SeeNews) – Slovenian pharmaceuticals producer Krka [LJE:KRKG] said on Thursday its consolidated net profit rose 21% on the year of 85.2 million euro ($93.5 million) in the first quarter of 2020.

Consolidated sales revenue increased by an annual 22% to 462 million euro in January-March, with 95% of the total coming from sales abroad, Krka said in an unaudited financial report.

"Sales growth in this period was also affected by an increased demand for Krka products as a result of coronavirus. Towards the end of the period, the demand slowed down and is currently at the planned and anticipated level," the company said.

The first-quarter operating profit of the Krka group jumped 85% on the year to 134 million euro, while EBITDA rose 62% to 162 million euro, the statement read.

The Krka group allocated 15 million euro to investments in the first three months of 2020, of which 10 million euro to the controlling company.

The group employed a total of 11,622 workers at the end of March, 5,898 of whom were employed at the Slovenian parent, Krka d.d..

Eastern Europe generated the highest sales within the group, of 153 million euro, up 25% on the year. Sales in Central Europe rose 32% on the year to 114 million euro in January-March, followed by 94 million euro worth of sales in West Europe, up by an annual 12%.

Sales in Southeast Europe grew 27% to 64 million euro in the period under review, whereas sales in Slovenia went up 6% to 23 million euro and sales in the Overseas Markets segment increased 7% to 14 million euro.

Krka's shares traded at 79 euro by 09:41 CET on Thursday on the Ljubljana bourse, up from 77 euro at Wednesday's close.

($ = 0.9116 euro)