BARCELONA (Reuters) – Grifols on Tuesday reported a 19% rise in first-quarter core earnings to 299 million euros ($329.1 million) as revenues grew 23%, but the company still swung to a net loss of 108 million euros due to its cost-cutting plans.
The Spanish pharmaceutical group said it now estimates to save 50 million euros more, to a total of 450 million, thanks to its strategy to lay off 8.5% of its workforce as it seeks to significantly cut its debt and improve its share performance.
($1 = 0.9084 euros)
(Reporting by Joan Faus; Editing by David Latona)
