Biofarm Reports 37% Higher Net Profit in 1Q

05.17.2015 By Bogdan Neagu

Romanian medicine producer Biofarm (BIO.RO) reported a net profit of 13.6 million lei (EUR3 million) for the first quarter, up 37.3% from the year earlier period, on higher sales.

The company’s sales revenue increased to RON45.8 million, against RON36.8 million in January-March 2014.

In the first quarter of 2014, the company reported net profit of RON9.9 million.

Biofarm’s operating profit rose 40.2% to RON16.4 million in the first three months, from RON11.7 million in the year-ago period.

Biofarm, whose shares are listed on the Bucharest stock exchange, is controlled by three of Romania’s five regional investment funds, known as SIFs. SIF Muntenia (SIF4.

RO) owns 45.9% of the drugmaker’s shares, SIF Banat-Crisana (SIF1.RO) has a 19.5% interest, while SIF Moldova (SIF2.RO) holds 12.2% in the company.