Strong Results In First Half For Richter Gedeon

- Hungarian pharmaceutical firm Richter Gedeon has announced net profits for the first six months of 1996 of $45.4 million, an increase of 11.8% on the like, year- earlier period, according to MTI Econews. First-half net sales advanced 9.6% to $125.7 million. Turnover in Hungary rose 35.7% to just over 6 billion forint ($39.4 million). The firm has a 9% stake in the domestic pharmaceutical market, making it the largest stakeholder in that market.

Exports accounted for 66.4% of RG's total sales, rising 9.2% to $83.4 million. The firm increased its exports to all its foreign markets, with exports to the Commonwealth of Independent States rising 6.7% to $33.5 million. Exports to eastern European countries were $17 million, ahead 12.6%, and to other foreign markets exports grew 10% to $32.9 million.

RG is understood to be looking to expand its distribution network in the second half of the year, and may establish a subsidiary in Russia.