Oslo, Norway, 23 April 2020
Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN) today announces the financial results for the first quarter of 2020, with a 45% increase in revenue and a record quarterly result of 14.2 million for the pharmaceutical business.
As previously announced all oil derivate positions in the Energy trading business was closed on the 30th of March. The net financial loss in Q1 from closing the portfolio was approx. NOK 166 million.
The revenues for the first quarter 2020 ended at NOK 61.4 million (Q1 2019: NOK 42.2 million).
The net loss for the period ended at NOK 130.8 million (2.0), which included the loss of closing the oil derivative portfolio.
Vistin Pharma had cash of NOK 316.8 million (299.6) as of 31 March 2020. Settlement for oil derivatives was not completed before April (Q2). The settlement will decrease the above cash balance with approx. NOK 179M.
Based on the closing and final settlement of the oil derivative positions, the Board will propose to pay a dividend of NOK 1 per share to its shareholders. The dividend to be approved by the AGM.
The first quarter conference call, which will be held today, 23 April, at 8.30am (CEST) and will be available via web and audio through the following access points:
Telephone conference:
Confirmation Code:........ 5385809
International Dial-In:........ +44 (0) 2071 928000
Norway, Oslo:................ +47 23960264
United States, New York: +16315107495
Webcast:
https://edge.media-server.com/mmc/p/za9hkqym
The conference call will be held in Norwegian.
Please find the Q1 2020 Report and presentation 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
Alexander Karlsen
CFO
+47 97 05 36 21
alexander.karlsen@vistin.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Vistin Pharma | www.vistin.com
Vistin Pharma is a Norwegian pharmaceutical company producing Metformin Hydrochloride (API). The Metformin is also available as Direct Compressible lubricated granules. As a solely dedicated European Metformin producer, Vistin Pharma is a well-positioned supplier to leading pharmaceutical companies. Vistin Pharma is headquartered in Oslo, Norway, and has highly qualified employees and a dedicated manufacturing facility in Kragerø.
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