Antibiotice Iasi raises Q1 profit by 43% on cost trimming plan

The company’s turnover added 18.4 percent year-on-year in the first three months, to 57.5 million lei helped by a 13.4 percent growth of sales, to the highest peak of the past three years, of 46.4 million lei.

Moreover, exports soared 44 percent to 11.07 million lei which propelled them to a 20 percent slice of the turnover. It plans to use 3.61 million lei worth of dividends from last year’s profit to finance investments in two production units. The company booked a 10.17 million lei net profit last year, a 3.2-fold drop over 2007.

Antibiotice Iasi cut costs also by slashing staff from 1,624 to 1,480 at the end of March.

The company has a share capital of 45.49 million lei, divided into 454.9 million shares at a face value of 0.10 lei. The majority owner is the state assets recovery body AVAS which controls a 53.02 percent stake. Financial company SIF Oltenia (SIF5) holds a 10.10 percent chunk.

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