The Russian drug maker Pharmsynthez posted RUB111.876 million (USD1.84 million) in net profits in the nine-month period from January to September 2016, versus RUB172.225 million (USD2.84 million) in losses registered a year earlier, the company said in a report.

Revenues dropped by 27.3 percent to RUB178.650 million (USD2.95 million), and prime costs fell by 39.7 percent to RUB94.739 million (USD1.56 million).

Gross profits shrank by 5.4 percent to RUB83.911 million (USD1.38 million). Losses on sales contracted by 70.4 percent to RUB29.991 million (USD490,000). Profits before tax amounted to RUB89.027 million (USD1.47 million), versus losses before tax totaling RUB197.156 million (USD3.25 million) in the nine-month period from January to September 2015.

Long-term liabilities were RUB21.249 million (USD350,000) as of September 30, 2016, a figure that reflected no change since the start of the year. Short-term liabilities reached RUB2.457 billion (USD40 million) compared to a figure of RUB823.546 million (USD13.58 million) reported on December 31, 2015.

Loans receivable stood at RUB1.105 billion (USD20 million) as of the end of September, versus RUB789.139 million (USD13.01 million) as of the end of December 2015.

The St. Petersburg-based Pharmsynthez was established in 1996. It manufactures and sells both original pharmaceuticals and active pharmaceutical ingredients. It also develops drugs and carrier methods for sale in Russia, the C.I.S., the E.U., and North America.

Rusnano owns a 36.57-percent stake in the company. Estonia’s Ephag AS owns 16.45 percent, while the U.S. entity Opko Pharmaceutical owns 8.5 percent and AysGen holds 19.19 percent.