Slow year for Biofarm

Pharmaceuticals maker Biofarm Bucharest has concluded 2004 with a 9 million-euro turnover, slightly lower than the 10 million euros it generated in 2003. Estimated net income for the company was 2.2 million euros in 2004, compared with 3 million euros in 2003. The data from the company’s report are yet to be audited, so there could be modifications, Biofarm representatives said. Company representatives did not comment on the results. Biofarm has completed a 9 million-euro investment in four new production lines installed in an existing building that was renovated and made to meet sanitary standards. The surface area of building covers 4,000 sqm split over five levels. The investment was paid for from the company’s own resources and with a loan for some 1 million euros over three years from the Romanian branch of ABN Amro Bank. ZF