Biofarm defies crisis: sales up 11% and profit up 5%

Drug producer Biofarm Bucuresti (BIO on the Stock Exchange) reported a preliminary profit of around 4.7 million RON (1.12 million euros) in the first three months of the year, up 5% in RON against the similar period of last year, when it amounted to 4.5 million RON (1.2 million euros). The net profit posted in the first quarter, of around 4.7 million RON, accounts for around a third of the profit budgeted for this year, of 14.1 million RON. The company’s sales also went up, from 16.8 million RON (around 4.6 million euros) to 18.6 million RON – an 11% rise. According to a report released by the company, its indebtedness level is below 5%, which leaves room for the business to grow. The drug maker has budgeted a 14.1 million-RON (around 3.37 million-euro) net profit, after last year it saw a 21.3 million-RON (5.8 million-euro) loss. The company’s operating income is expected to rise 12%, to 22.8 million RON (5.4 million euros), amid an 11.8% turnover rise, forecast to reach 72.7 million RON (17.3 million euros).