JSC  Grindeks  net  turnover in 1 quarter of 2002 has reached LVL 3 581

894, which is by 24.5% more than in 1 quarter of 2001. Net profit for 1

quarter of 2002 is LVL 398 488, last year it was LVL 79 675.

JSC  Grindeks  Chairman  of  Management  Board Jeļena Borcova comments:

"Positive  results  of  this quarter show that company strategy to move

towards  larger  export  markets were returns are bigger and faster was

proven right". JSC Grindeks has improved their positions on Russian and

CIS markets. In Russia sales compare to previous year have gown by 36%,

in Ukraine by 20%.

Sales  on  domestic  market  have  not reached forecasts as a result of

competition.  On  Latvian  market  there  is  large proportion of brand

drugs.  JSC Grindeks produces many generic products. Sales in Lithuania

have grown by 18%.

Compare  to  previous year there was a significant increase of sales of

active  pharmaceutical substances. As main tasks in 2002 Jeļena Borcova

views   strengthening  of  position  in  existing  export  markets  and

acquiring of new western and eastern markets.