Double profit, new chairman

Sicomed Bucharest, the largest drug maker in Romania, has managed to maintain a high profit growth rate in the third quarter, as well. The company has also got a new chairman effective this week, as Robert Luke stepped down and was replaced by Greek born Mihalis Madianos. Sicomed posted 187.68bn ROL ($5.6 million) in net profit in the first nine months of this year, almost twice the profit in the same time last year. The profit growth definitely outran the growth in sales, 25% in nominal terms, which amounted to 1,154bn ROL. Sicomed has rebound this year after a very hectic time in 2001-2002, during which the company had a conflict with the Health Ministry, replaced almost every member in the management team and operated substantial personnel cutbacks. “I think I did the job I was appointed to do, which the current situation of the company verifies. Sicomed is seeing record turnover and profit levels in 2003,” stated Robert Luke, former Sicomed chairman of the Board. ZF