Polish insulin maker Bioton Group announced last week it that has made a net loss of zł.42.8 million in the first half of this year. In the same period last year the company, one of a handful of human insulin makers in the world, recorded a loss of zł.19.3 million.

The firm’s Q2 sales rose over first quarter sales by zł.5 million, to zł.79 million. But total sales in the first half of 2009 – zł.152.6 million – were eight percent lower compared to last year’s zł.165.7 million.

Chairman of the board Janusz Guy explained in a statement that last year’s high revenues were due to a one-off rights and equipment sale in Russia in the amount of zł.30 million.

Bioton reported an operating loss of zł.49 million in the first six months of 2009. In the analogous period a year ago, the company posted a profit of 23.7 million.

“The loss noted in the first six months is due to management’s implementation of a restructuring strategy for the group,” explained Mr Guy, who became chairman in January.

Bioton shares have surged 50 percent since the start of the year, compared to a 24-percent gain for Warsaw’s benchmark WIG20 index. (Reuters)