Pliva announces half-year results

Barr Pharmaceuticals subsidiary Pliva has announced its financial results for the first half of the 2008 fiscal year, with the figures prepared in accordance with international financial reporting standards.

During the six-month period ended June 2008, the company generated total revenues of 2,295 million Croatian kune (257 million pounds), a drop from 4,010 million Croatian kune recorded in a similar period last year.

It attributed this drop to the positive impact on the figures for 2007 from intragroup product sales and the gain on the sale of the Pliva US business to Barr.

Additionally, the 2007 revenue figures included those for operations in Spain and Italy which were divested in the second half of the year.

“Excluding these revenue impacts from the first half of 2007, revenues increased approximately two per cent in the first half of 2008 compared to prior year,” Pliva said.

In the first half of the year, the company experienced negative earnings before interest and tax of 44.4 million Croatian kune, with a net loss recorded at 102 million Croatian kune.

Last month, the company delisted from the London Stock Exchange following the termination of its GDR programme.

The termination of the GDR deposit agreement was originally announced in March 2008 and became effective in June 2008, with Deutsche Bank acting as depositary.