Centrofarm slips into the red, despite 72% growth in business

The revenues of Centrofarm Bucharest drugstore network increased 2.3 times in the first six months to 76.58 million RON (21.2 million euros), mainly as a result of the sale by the majority shareholder Generalcom Bucharest of 22.3 million euros’ worth of assets, the half-year report the company filed with the Stock Exchange reveals. The assets sold were registered with an accounting value of 19.1 million RON. The company posted 2.9 million RON losses in the first six months, compared with 1.6 million RON profit during the same time in 2007. Centrofarm posted total revenues worth 33.38 million RON. The company’s business rose by 72% in the period considered and reached 46.89 million RON, after the turnover doubled to 27.25 million RON in the first half of 2007. Centrofarm posted 79.5 million RON in expenses, in the first six months, 2.5 times higher than in the same time in 2007. The company owns a 33-drugstore network, 90% of which in Bucharest. Its most important competitors on the domestic market include Sensiblu, Help Net, Dona, Catena, City Pharma drugstore chains. The latest reports show Generalcom Bucharest and Fondul Proprietatea (Property Fund) as owners with 74.06% and 17.3% respectively.