February 7, 2014 / 7:36 AM / 4 years ago

Hungary's Richter says institutional investor has reduced stake

BUDAPEST, Feb 7 (Reuters) - Hungarian drugmaker Richter announced on Friday that Aberdeen Asset Management reduced its stake in the company to 14.89 percent on February 3.

Richter did indicate the size of Aberdeen’s stake prior to the change, but its last earnings report at the end of 2013 showed that the institutional investor held almost 20 percent in the drug company.

This week Richter reported a 61 percent fall in quarterly net profit to 4.78 billion forints ($20.9 million) after higher costs and impairment charges swallowed up a rise in revenue. (Reporting by Krisztina Than; Editing by David Goodman)

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