14 Aprilie 2009
Biofarm reports first-quarter profit up 5%
Drug maker Biofarm Bucharest (BSE: BIO) posted a net profit of 4.69 mln lei (1.13 mln euros), up 5% from prior-year period, reads a press release remitted to Bucharest Stock Exchange.
For first quarter this year, the company reported a net profit of 4.46 mln lei.
At the end of March, the net sales rose 11% from first quarter 2008, up to 18.62 mln lei.
The company’s indebtedness level stands below 5% mark which can assure a growth potential to the business.
The drug maker recorded 21.33 mln lei losses last year (5.8 mln euros) versus 2007 profit, largely due to currency devaluation and enforcement of unfavorable regulations in the health system.
Biofarm lays the 2008 losses on investments made in local equity markets. At the end of March, the company has reviewed its long-term holdings at BSE, and set up a provision of 35.14 mln lei.
The drug producer aims at ending year with a minimum 5% share in total sales and opening new offices in at least two countries.
Biofarm said it planned to boost net sales by 11% from a year earlier, at a minimum 20% profit margin.
At the end of March, the net sales rose 11% from first quarter 2008, up to 18.62 mln lei.
The company’s indebtedness level stands below 5% mark which can assure a growth potential to the business.
The drug maker recorded 21.33 mln lei losses last year (5.8 mln euros) versus 2007 profit, largely due to currency devaluation and enforcement of unfavorable regulations in the health system.
Biofarm lays the 2008 losses on investments made in local equity markets. At the end of March, the company has reviewed its long-term holdings at BSE, and set up a provision of 35.14 mln lei.
The drug producer aims at ending year with a minimum 5% share in total sales and opening new offices in at least two countries.
Biofarm said it planned to boost net sales by 11% from a year earlier, at a minimum 20% profit margin.