Stada shrugs off Ukraine crisis to post flat net profit
FRANKFURT May 8 (Reuters) - Stada Arzneimittel, a German generic drugmaker which makes about 20 percent of its sales in Russia, shrugged off a worsening crisis between Russia and Ukraine to report rising sales and flat net profit in the first quarter.
Quarterly net profit came in at 35.0 million euros ($48.7 million), barely changed from the previous year and in line with the average estimate of 34.5 million in a Reuters poll.
The company in March scrapped its sales and profit targets for this year, blaming political tensions that have pushed the rouble to an all-time low.
Stada on Thursday said it was still forecasting slight growth in annual sales, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) and adjusted net profit. ($1 = 0.7183 Euros) (Reporting by Caroline Copley; Editing by Ludwig Burger)
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