950812

Abbot Labs sales

cross Rs 675m

in first 6 months

RECORDER REPORT

LAHORE: Abbot Laboratories (Pakistan) Ltd. said its combined domestic and export sales for the first six months have crossed Rs 675 million, showing a growth of 20.4 percent while compared with the corresponding period of the last year.

"This reflects an increase in domestic sales of 22.1 percent despite civil disturbances in Sindh and, therefore, can be considered more than satisfactory", says Kamran Y. Mirza, Chairman and Managing Director, Abbot Laboratories Ltd.

He said export sales were 34.5 percent below last year primarily due to reduced orders from the Middle East and Sri Lanka. "The results also incorporate limited sale of imported products, which were previously undertaken by distributors", Kamran said in his half year report to shareholders.

In future, Kamran said, sales of all imported products would be handled by Abbott itslef, and this would have a favourable impact on operations.

He said during last six months Abbocin, an effective and safe tobramycin in injectable form for the treatment of Aminoglycoside susceptible infections was launched whle another product Pedialyte was also marketed which, he said, was the first ready to feed ORS in Pakistan.

The domestic sales in the next six months are expected to maintain their growth rate and provided operations are not hampered by turmoil in Karachi, he said.

The profit before tax of Rs. 111 million is substantially higher than the corresponding period last year on account of price increase approved by Ministry of Health for controlled products, increase in volume and favourable product mix.

Kamran Y. Mirza said that the government has approved 15 percent price increase on decontrolled products with effect from July 1, 1995, and this would help to offset the adverse impact of rising inflation. "Profits for the next six month are expected to be maintained, subject of course, to normal conditions prevailing in Sindh", he said.