August 7, 2014 / 5:52 AM / 3 years ago

Stada H1 net income flat as weak russian ruble stings

FRANKFURT, Aug 7 (Reuters) - German generic drugmaker Stada Arzneimittel AG said net income stagnated in the first half as gains from the takeover of British consumer care company Thornton & Ross were offset by lower sales in Russia and Germany.

First-half net profit came in at 66.8 million euros, a touch above the year-earlier figure and broadly in line with the average estimate of 66.1 million in a Reuters poll.

Its business in Russia, one of Stada’s most important markets, was hit by a decline in the ruble.

Stada on Thursday said it still expected a slight increase in 2014 group sales and EBITDA, adjusted for one-off items and the decline of the Russian ruble as well as eastern European currencies.

It also confirmed its outlook for a slight increase in adjusted net income.

$1 = 0.7183 Euros Reporting by Ludwig Burger; Editing by Kirsti Knolle

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