Pharmacy Network Centrofarm Swings To Profit In 2010

05.02.2011 By Florentina Dragu

Romanian pharmaceuticals retailer Centrofarm (CEOF.RO) Monday said it switched to profit in 2010, after losses a year earlier, fueled by higher sales.

Centrofarm reported a net profit of 267,000 lei (EUR65,345), versus a loss of RON12.5 million in 2009.

The company posted total sales of RON160.3 million in 2010, up 10% on the year.

Overall revenues rose 5% on the year to RON164.7 million in 2010, while total costs fell 3% to RON164.4 million.

Centrofarm 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=RON4.086)