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Richter trims 2014 profit guidance on Russia-Ukraine crisis
July 31, 2014 / 7:51 AM / 3 years ago

Richter trims 2014 profit guidance on Russia-Ukraine crisis

BUDAPEST, July 31 (Reuters) - Hungarian drugmaker Richter trimmed its operating profit margin guidance on Thursday to 10-11 percent of revenue from 11 percent expected in May as a result of the crisis in Russia and Ukraine, two of its key markets.

Chief Executive Erik Bogsch said Richter forecast revenues in Russia falling by 5-10 percent in roubles versus a maximum 5 percent fall seen earlier, while sales to Ukraine are still expected to plummet by as much as 35 percent in dollar terms.

Overall, revenues could fall by 6-7 percent in euros from last year compared with a guidance from a 6 percent decline given in May, Bogsch said. He added that exchange rate changes could influence revenue developments. (Reporting by Gergely Szakacs)

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