Net profit beat the HUF 11.45 billion estimate in a poll of analysts by Portfolio.hu.

Basic earnings per share came to HUF 732 and diluted EPS came to HUF 731 in Q4.

Richter’s sales rose 7.9% to HUF 70.3 billion. Cost of sales climbed at a slower rate, increasing 1.6% to HUF 30.9 billion, lifting gross profit 13.4% to HUF 39.3 billion.

Most other costs fell. Sales and marketing expenses dropped 11.9% to HUF 13.2 billion, and administration and other expenses were down 6.5% at HUF 4.4 billion, but R&D costs climbed 15.1% to HUF 5.0 billion.

Operating profit nearly doubled to HUF 12.6 billion from HUF 6.4 billion. But net financial income plunged 76.4% to HUF 1.8 billion, taking a bite out of the bottom line.

Full-year profit climbs 23.6%

Full-year consolidated net profit rose 23.6% to HUF 51.2 billion as revenue growth outpaced climbing costs.

Basic earnings per share came to HUF 2,750 and diluted earning per share was 2,746. in 2009.

Total sales increased 13.0% to HUF 367.3 billion, but costs rose just 7.3% to HUF 116.3 billion, lifting gross profit 17.9% to HUF 151.0 billion.

The rise in other costs was also moderate. Sales and marketing expenses increased 4.8% to HUF 54.4 billion and administration and general expenses were up 9.7% at HUF 17.5 billion. R&D spending rose 24.7% to HUF 22.9 billion.

Operating profit climbed 44.1% to HUF 49.2 billion. Richter noted that operating profit was “significantly impacted” by one-off items, including milestone payments from Forest Laboratories and impairment losses on doubtful receivables at the company’s Romanian wholesaler units.

Net financial income dropped 44.2% to HUF 4.7 billion.

In a breakdown of sales by region, Richter said sales in Hungary rose 3.5% to HUF 31.6 billion and sales in other European Union countries increased 3.9% to HUF 101.5 billion. Sales in the CIS rose 15.2% to HUF 84.8 billion as sales in Russia jumped 24.2% to HUF 60.5 billion, but sales in Ukraine dropped 9.4% to HUF 9.6 billion. US sales rose a sharp 59.4% to HUF 35.7 billion, supported by sales of Richter’s emergency contraceptive Plan B.

Capital expenditures at group level came to HUF 24.1 billion in 2009, up 9.5% from the previous year. CAPEX linked to R&D and manufacturing capacity in Hungary reached HUF 7.5 billion.

Richter had consolidated total assets of HUF 430.4 billion on December 31, 2009, 12.0% more than twelve months earlier. Net assets climbed 11.5% to HUF 378.4 billion. (MTI-Econews)