Vistin Pharma ASA : 20 per cent revenue growth in second quarter 2018

Oslo, Norway, 30 August 2018

Vistin Pharma delivers a revenue growth of 20 percent from NOK 45.3 million in the second quarter 2017 to NOK 54.6 million in the second quarter 2018. The underlying demand for metformin is still strong and Vistin sales volume of metformin as active pharmaceutical ingredients were 22 per cent higher compared to second quarter 2017. The adjusted EBITDA from the pharmaceutical business came to NOK 4.3 million for the second quarter, compared to NOK 5.0 million second quarter last year. The Energy Trading business commenced operations in the second quarter, and the EBITDA from this business segment came to negative NOK 0.7 million.  EBT from continuing operations for the second quarter came to negative NOK 16.0 million, which includes an unrealised loss on oil derivatives of NOK 17.3 million, compared to a profit of NOK 4.9 million in the same quarter last year.   

The Company completed a private placement and subsequent offering of NOK 305 million during the quarter and Vistin Pharma had cash of NOK 333.7 million as of 30 June. The Company holds no interest-bearing debt.

Vistin Pharma will hold a presentation on 4 September at 12:00 CET at Carnegie AS, Fjordalleen 16, Oslo.  CEO Kjell-Erik Nordby, Head of Energy Trading Torbjørn Kjus and CFO Gunnar Manum will represent the Company. Vistin Pharma welcomes all interested parties.

Please find the report for the second quarter 2018 enclosed. The report will also be made available on www.vistin.com.

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For further information, please contact:

Kjell-Erik Nordby
CEO
+47 91 36 42 80
kjell-erik.nordby@vistin.com

Gunnar Manum
CFO
+47 95 17 91 90
gunnar.manum@vistin.com