FRANKFURT May 12 German drug distributor
Celesio AG on Monday said an expected waning of
intense price competition in the German wholesale market should
help underpin its underlying operating profit this year.
Celesio, which was recently taken over by U.S. peer McKesson
, said in a statement it expected its 2014 adjusted
earnings before interest and tax (EBIT) to come in slightly
above the prior-year level.
"From the second half of the year, the management board
assumes that the unremittingly intensive discount competition in
Germany will diminish in the course of the year," it said.
Celesio says group revenues rose by 0.3 percent to 5.38
billion euros ($7.40 billion) in the first quarter, while
adjusted EBIT edged up to 95.6 million euros from 95.1 million
in the year-earlier quarter.
($1 = 0.7269 Euros)
(Reporting by Jonathan Gould; Editing by Maria Sheahan)