Brief: Hungary's Richter Q2 net profit HUF 76.5 bln, above forecast

Richter Gedeon Vegyeszeti Gyar Nyrt

03/08/2022 05:45

BUDAPEST, Aug 3 (Reuters) - Richter Gedeon Vegyeszeti Gyar
Nyrt  GDRB.BU  says:
    * Q2 NET PROFIT JUMPS 173.1% Y/Y TO HUF 76.5 BILLION VERSUS
HUF
61.8 BILLION IN PORTFOLIO SURVEY
    * Q2 OPERATING PROFIT RISES 42.7% Y/Y TO HUF 52 BILLION
VERSUS HUF
44.3 BILLION IN SURVEY BY PORTFOLIO.HU
    * Q2 REVENUE HUF 192.9 BILLION VERSUS HUF 186 BILLION
FORECAST IN
SURVEY BY BUSINESS SITE PORTFOLIO
    * SALES REVENUES GREW DYNAMICALLY IN H1 ACROSS ALL MARKETS
EXCEPT
UKRAINE -CEO
    * OUTSIZED GAINS FROM EXCHANGE RATE MOVEMENTS COMBINED WITH
PRICE
INCREASES LIFTED REVENUES BOTH IN HUF AND EUR TERMS -CEO
    * COMMERCIAL OPERATIONS IN UKRAINE RESUMED IN MID-APRIL AT
SIGNIFICANTLY LOWER LEVELS COMPARED TO PREVIOUS SALES VOLUMES
    * SHIPMENTS TO RUSSIA BROADLY RETURNED TO PRE-WAR ROUTINE
AFTER
DELAYS IN THE EARLY DAYS OF CONFLICT
    * SAYS RUSSIAN BUSINESS REMAINS STEADY AND RECENT ROUBLE
STRENGTH
HELPED BOTH TOPLINE AND MARGINS -CEO
    * SALES TO RUSSIA INCREASED BY 26.4% IN HUF TERMS IN H1
    * SALES TO US, ITS LEADING MARKET IN REVENUES, INCREASED BY
31.3%
IN HUF TERMS AND 12.4% IN USD TERMS IN H1

Source text for Eikon: [ID: https://bet.hu/newkibdata/128763752/RCH220803QR01E.pdf
]    
Further company coverage:  GDRB.BU 

 (Reporting by Anita Komuves)
 ((KOMUVES.Anita@thomsonreuters.com;))