In the first nine months of this year, Medika achieved a net profit of 7.44 million kuna, which is 4.3 percent higher than in the same period last year, the company reported to the Zagreb Stock Exchange.
In the first nine months, Medika d.d. achieved total revenue of 1.54 billion kuna. For comparison, in the same period last year, total revenue amounted to 1.45 billion kuna. The Medika Group, on the other hand, achieved total revenue of 1.58 billion kuna during this period, compared to 1.51 billion in the previous year. The dominant sales channel is pharmacy, while the hospital channel records a constant increase compared to previous periods. A net profit of 8.23 million kuna was achieved, 1.4 percent higher.
Operating profit was achieved in the amount of 9.51 million kuna, which is 27 percent less than last year, due to a significant increase in the value adjustment of receivables from customers. As stated by the Management in the commentary on business results, there is uncertainty regarding the collection of receivables from customers. Given that due to the deteriorating liquidity of the healthcare system there has been a significant increase in receivables from customers and increased collection risk, the Management assessed that it is necessary to reserve 11 million kuna. “The problem of illiquidity is a constant issue for the entire Croatian healthcare system, including Medika. In the first half of 2008, receivables from customers grew much faster than sales revenue,” the commentary states. (H)
