Polfa Kutno Q1 sales fall due to introduction of new lists

Pharmaceuticals producer Polfa Kutno's sales fell by 23% in the first quarter of 2003 to zł. 33.6 million highlighting the company's decreasing profitability. Still, the firm would not revise its financial plans for the whole year and sees its chance in extending its product range with a newly purchased antibiotic - Ceclor. Polfa Kutno's operating profit in Q1 fell by 39% to zł. 2.5 million while its net profit plunged by 76% to a mere zł. 595,000. The company claims the disappointing figures result mainly from changes to the list of state-reimbursed drugs and the confusion accompanying its introduction, which deterred many clients from purchasing medicines. "Due to the falling sales of several of our products, we have decided to concentrate on high-margin drugs and on their new therapeutic implementation," said Polfa Kutno Chairman, Janusz R. Guy. (Parkiet, p. 4) J.K.