Richter Third-Quarter Net Income Rises 6.4%, Beating Analysts’ Estimates

Gedeon Richter Nyrt., Hungary’s largest drugmaker, said third-quater net income rose 6.4 percent from a year earlier as financial losses and tax payment dropped.

Net profit in the period rose to 20.6 billion forint, or 1,107 forint per share, from 19.4 billion forint, or 1,041 forint per share, a year earlier, the company said in a filing to the Budapest Stock Exchange today. That compares with a mean projection for 13.5 billion forint of eight analysts in a Bloomberg poll.

The company’s financial loss dropped 39 percent to 1.9 billion forint while corporate and local tax payments fell 59 percent and 57 percent, respectively, according to the release.

As a result of regulatory changes in Hungary, Richter reclaimed 1.9 billion forint from a special industry tax, the release said.

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