9 Aprilie 2009
Antibiotice Iasi raises Q1 profit by 43% on cost trimming plan
The Romanian drug maker Antibiotice Iasi posted a 43 percent annual advance of net profit in the first quarter to 10 million lei on higher prices for some medicine and cost cutting strategy, NewsIn informs.
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.
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.