Public Joint Stock Company Grindeks net turnover for the first nine months of 2003 reached 13,559,015 lats, which is 18.4% up on the corresponding results from the same period in 2002.

During the period under review, net profits were 1,276,731 lats, whereas in the first nine months of the previous year, net profits had come to 1,262,910 lats.

The pure profit viability according to the results from the first nine months of 2003 was 9.4%. Moreover, projected net turnover has been exceeded by 7.8 % or 983,393 lats. The level of gross profit during the first nine months of 2003 reached 33.5%.

The sales volume for final dosage formulations which makesup 72.3% of Grindeks’ total incomes, has increased by 19% when compared to the corresponding period in 2002. This is primarily linked to an expansion of our operations beyond existing markets – mainly, entering new regions of Russia and the CIS, and investing intellectual potentialin the successful retailing of Mildronate and other products in these regions. Expanding our activities in Eastern Europe, Grindeks’ original product – Osteplus Iproflavone was registered in Poland during the third quarter.

Currently, Grindeks’ marketing structure is working on the launch of a new product Herbastress on the Latvian market. Herbastress is an effective plant-based product that is suitable for an active person in heightened conditions of stress. This new, highly promising product will be available to customers from the end of this year.