Richter Gedeon Posts Strong Growth 1996

Richter Gedeon of Hungary achieved financial results for 1996 slightlyahead of expectations. Gross profits for the year were 11.35 billion forint ($64.6 million), increasing from 7.89 billion forint a year earlier. The firm's operating profits were just over 9 billion forint, a rise of 58.7%. Sales were 36.76 billion forint, up 34.2%, reports MTI Econews.

RG said that exports accounted for 67% of total turnover, amounting to 24.64 billion forint, and were 33.3% above those achieved in 1995. Exports to the Commonwealth of Independent States accounted for 40.1% of total exports, while those to eastern Europe accounted for 39.5% of export growth. RG's general manager, Erik Bogsch, said that export growth in the CIS resulted from the development of a sales network there, and from a wide range of its products being on sale. Export growth was slightly lower in eastern Europe, while exports to the Czech Republic fell compared with 1995. Exports to other markets rose 22.6%.

At the end of 1996, RG had shareholders' equity of 41.6 billion forint, compared with 295 billion forint in 1995. Registered capital remained unchanged at 17.6 billion forint, the company said.