Slovakofarma Sales Continue To Rise

Slovakia's largest drugs producer, Slovakofarma Hlohovec, has recordedsales of 3.8 billion Slovak koruna ($113.8 million) for the first nine months of 1997, an increase of 14.2% compared with the same period in 1996, according to the CTK news agency. Net profits rose 4.8% to 406 million koruna.

Slovakofarma, which has a 10% share of the Slovak drugs market in terms of sales, said that exports to the Czech Republic were 2.09 billion koruna, up 13.5%, but noted that the fluctuating exchange rate of the Czech koruna and its subsequent devaluation has resulted in a decrease of 10% in profits for Czech exports to 100 million koruna.

$47.5 Million GDR Issue Meantime, the company has placed global depository receipts worth $47.5 million on international capital markets. GDRs worth some $5 million have been offered to foreign investors, accounting for 330,000 shares of $9.60 each. One share is composed of 15 GDRs.