Antibiotice's Q1 revenues grow 4.5%

Romanian drug manufacturer Antibiotice Iasi (ticker: ATB) said its revenues increased by 4.5% to around 60 million lei (€14.5 mln) in first quarter 2010 compared to year-ago period.

“The achievement of over 13 million lei pre-tax profit is attributed to the strong sales and revenues coupled with an austere company-wide cost-containment program”, the drug maker said.

In the first quarter 2009, the company posted revenues of 57.64 million lei and pre-tax profit of 12.87 mln lei.

Earlier this year, the drug maker said exports had risen 14% propped up by markets in Ukraine, Russia and Far East.

In 2009, Antibiotice recorded a net profit of 12.17 million lei (€2.87 million), up 15% from 2008.

Antibiotice Iasi 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 shareholder of Antibiotice Iasi is the Ministry of Health with 53.02% while FIC Oltenia (ticker: SIF5) holds 10.1%.

The company’s market cap is 311.6 million lei (€76.06 million) according to yesterday’s closing quote of 0.685 lei/share.

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