Hungary's Egis Reports 1st-Half Results

Hungarian pharmaceutical company Egis has announced gross and net profitsof 3.03 billion forint ($15.4 million) for the first six months of 1997, 8.5% down on the same period last year, according to MTI Econews. First-half sales increased 8.5% to 13.59 billion forint, though domestic revenues fell to 47.2% of total turnover. This led, however, to a rise of 26.3% in exports, compared with the first half of 1996.

First-half operating profits fell 12.7% to 2.64 billion forint, while net profits grew 21.6% to 366 million forint. The company said it had registered capital of 31.36 billion forint at the end of June 1997, 12.5% higher than at the same period last year.

Meantime, analysts at Credit Suisse First Boston in Budapest recommend Egis' shares as a "buy," due principally to the firm's heavy investment in expanding its domestic and regional marketing network. Shares were trading at 11,635 forint on the Budapest Stock Exchange in mid-August.