Centrofarm Swings To RON1M Profit In 1Q

05.11.2011 By Florentina Dragu

Romanian pharmaceuticals retailer Centrofarm (CEOF.RO) Wednesday said it swung to net profit of 1 million lei (around EUR245,000) in the first quarter, despite lower sales.

In January to March 2010, the company posted a loss of RON1.57 million.

Centrofarm reported total sales of RON39 million in the first quarter, down 8.6% from RON42.7 million in the same period last year.

The company is 95.4% owned by board president Alain Louis Bonte.

Bonte plans to delist the company from Rasdaq market in Bucharest, following a buyout offer unfolded in February.

At the most recent transaction in Bucharest, Centrofarm's shares rose 16.7% at RON3.501 a unit.

Centrofarm operates over 60 drugstores in Romania and employs 432 staff. (EUR1=RON4.0842)