PharmaFarm doubles losses in Q1

Cluj-based drug distributor PharmaFarm posted losses worth 3.56 million RON (1.1 million euros) in the first three months of this year, up 127% against the same time last year. The company’s turnover reached almost 31 million RON (9.2 million euros) at the end of the first three months of the year, 5% more than in the first three months of 2005. PharmaFarm’s total revenues stood at 31.53 million RON (9.32 million euros), whereas total expenses stood at 35.1 million RON (10.37 million euros). Company representatives did not wish to make any comment on the results. The Cluj-based company owns 10 warehouses throughout the country, the most important of which being located in Cluj, Bistrita and Salaj, with another two drugstores being located in the rural area. The company’s clients are 2,800 drugstores spread around the country, with PharmaFarm’s management estimating it covers around 75% of the drug market.