1st HALF PROFITS DOUBLE AT SORIN BIO

3 October 1993

Sorin Biomedica, the Italian biomedical concern which is part of the Fiat-controlled Snia group, has announced gross profits of 58 billion lire ($36.3 million) for the first six months of 1993. At group level, this amounts to more than double the 19 billion lire gross profit reported in the same year-earlier period. The strong increase reflects in part non-recurrent profits from sale of assets, amounting to around 137 billion lire ($85.9 million).

Group consolidated operating profit remained stable at 44 billion lire, from 43 billion lire in the first half of 1992. Group sales climbed considerably to 406 billion lire ($254.5 million), up 23% on the like, year-earlier period. Exports amounted to 63% of total turnover, up from 57% a year earlier. Indebtment by the group fell from 396 billion lire in the first half of 1992 to 275 billion lire.

Investment in R&D amounted to 46 billion lire at group level, or 11.3% of sales.

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