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Nov 10, 2008, 14:57 GMT

Czech drugmaker Zentiva ups profit by 12 per cent

Prague - Zentiva, the largest Czech drug maker, boosted third-quarter net profit by 11.9 per cent, helped by strong sales in Turkey, the company said Monday. Net profit rose to 258.9 million koruny (13.2 million dollars) from 231.5 million koruny in the July-September period in 2007. Company's sales however dropped 3 per cent to 4.825 billion koruny (245.4 million dollars) in the third quarter, from 4.976 billion koruny in the same period a year ago. Zentiva shares were down in afternoon trading on the Prague stock exchange from day's peak of 1,104 koruny around noon to 1,098 koruny (55.85 dollars) per share at the closing time. The Czech firm is a subject to a buy-out offer by French drugmaker Sanofi-Aventis, which holds the largest stake in Zentiva of nearly 25 per cent. Zentiva's management has recommended the offer of 1,150 koruny per share to other shareholders. It is open through November 28.

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