Turnover Rises 35% At Richter Gedeon

Hungarian pharmaceutical company Richter Gedeon achieved an increase in turnover of 35.5% to 26.6 billion forint ($175.1 million) in the first nine months of 1996, according to MTI Econews. The company did particularly well in the shrinking Hungarian market with sales worth 8.6 billion forint, a rise of 34.8% on the like, year-earlier period. The firm has a 9% share of the domestic pharmaceutical market.

Richter Gedeon's exports in the first nine months rose 11.5% to just over 18 billion forint. Exports to the Commonwealth of Independent States were worth 7.6 billion forint, up 38.5%. The firm now accepts payments from customers in the CIS in one or two months from the date of supply as compared with the requirement for payment before delivery in 1994.

Operating profits were marginally over 7 billion forint, an increase of 59.5%. Gross and net profits were 9 billion forint, up 43.7% as compared with the first nine months of 1995.