21.8% Increase in Profits during 9M 2002
Specifically, consolidated earnings before taxes and after minority interests increased by 21.8% reaching euro 4.7 million, compared to euro 3.9 million in the corresponding period of 2001. Consolidated own sales reached euro 160 million compared to euro 141.5 million at the corresponding period of 2001, an increase of 13.1%.
The key factors that contributed to the increase of consolidated own sales were the increase of pharmaceutical products' own sales, that reached euro 24.5 million (+7,7%), and the strong performance of the subsidiary Lavipharm Alliance Sante, which achieved a robust increase in own sales of 22.9%, reaching euro 102.3 million.
Administration expenses (as a percentage of own sales), remained at the significantly low level of 6.4%, while distribution expenses (again as a percentage of own sales) decreased at 12.5% compared to 13.9% in the corresponding period of 2001.
?Despite the difficult economic environment in which we operate, the business strategy we follow has already created the conditions for our dynamic development and the accomplishment of our goals for 2002?, stated Dr. Athanase Lavidas, the President and CEO of Lavipharm Group.
Regarding the parent company Lavipharm SA, earnings before taxes increased by 6.0%, reaching euro 4.2 million compared to euro 4.0 million in the corresponding period of 2001. Exports, which exceeded 55% of Lavipharm's own sales, continued their positive performance reaching euro 12.2 million. Earnings per share reached 10.7 cents compared to 10.1 cents where in the corresponding period of 2001.
Lavipharm is the largest integrated Group of companies in the development, production, import, promotion and distribution of pharmaceutical and dermocosmetic products in Greece with a strong international activity. In 2001 Lavipharm ‘s turnover reached euro 290.6 million.