Hungary's Richter sees lower revenue and profit for 2014 -CEO
BUDAPEST Feb 5 (Reuters) - Hungarian drugmaker Richter flagged a decline in revenues for 2014 in euro terms on Wednesday, due largely to exchange rate effects, adding that its operating profit margin would also retreat somewhat from last year's levels.
In 2013, Richter earned revenues of 1.18 billion euros, up 4.8 percent from the previous year. Its operating profit margin came in at 13.8 percent of revenues.
"It is not a joy when we have to say our revenue is expected to shrink, however, exchange rate developments have a significant role in this," Chief Executive Erik Bogsch told a news conference. He did not specify the extent of the decline.
Bogsch said the company expected its 2014 operating profit margin to drop to 12-13 percent of revenues due to high sales and marketing costs and research and development spending. (Reporting by Gergely Szakacs. Editing by Jane Merriman)
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