Richter reported HUF 9.41bn non-consolidated net profit in 2Q07, down 40.9% y/y and up 30.9% q/q, 8.4% above consensus of HUF 9.1bn (source: Reuter’s, 12 analysts polled), and 4.6% below our expectation of HUF 9.86bn on the back of lower-than expected domestic sales, higher-than expected export sales, in-line EBIT and lower than expected financial result. We would expect neutral market reaction to the results, as EBIT came 0.9% above consensus and exactly at the level of our forecast, and financial results are not definitive for the full-year results as they are partially non-realized items.