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UPDATE 1-Slovenian drug maker Krka reports 31.5 pct fall in profit
March 2, 2017 / 11:58 AM / 7 months ago

UPDATE 1-Slovenian drug maker Krka reports 31.5 pct fall in profit

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LJUBLJANA, March 2 (Reuters) - Generic drug producer Krka , Slovenia’s largest listed company, reported a 31.5 percent fall in 2016 group net profit on Thursday despite a rise in sales.

Net profit fell to 108.4 million euros ($114.1 million) from 158.2 million while sales advanced to 1.17 billion euros from 1.16 billion, it said in a statement.

“The decrease was due to major price erosions in most markets and the depreciation of certain Eastern and Central European currencies,” the company said.

Krka, with a market capitalisation of 1.71 billion euros, said in November it expected its profit to rise in 2017 on sales of 1.2 billion euros.

The company’s shares traded at 52.15 euros at 1140 GMT, up 0.33 percent from Wednesday’s close.

Sales in Russia, Krka’s largest market, increased 1 percent to 225.8 million euros, although were up 13 percent in roubles. ($1 = 0.9500 euros) (Reporting by Marja Novak and Maja Zuvela; editing by Jason Neely and Jane Merriman)

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