August 29 (SeeNews) - Bulgarian blue-chip drug maker Sopharma on Friday said its first-half consolidated net profit slumped by 43% on the year to 11.5 million levs ($8.7 million/5.9 million euro) as costs rose faster than revenue.
Sopharma sees its 2008 pre-tax profit flat, it said in a statement. The company forecast a 15% increase in this year's pre-tax profit in May, down from a previous projection for a 20%-25% increase.
Following are figures from Sopharma's consolidated income statement filed with the Bulgarian Stock Exchange’s (BSE) information service X3 News (in millions of levs):
|
H1'08 |
H1'07 |
2007 (audited) |
NET PROFIT |
11.460 |
20.013 |
30.942 |
PRE-TAX PROFIT |
12.687 |
22.569 |
34.758 |
SALES REVENUE |
219.241 |
166.748 |
371.694 |
TOTAL REVENUE |
220.488 |
168.633 |
374.488 |
TOTAL COSTS |
207.801 |
146.064 |
339.730 |
The company switched its dollar positions on the Russian market into euro in April after its first-quarter financial results were negatively affected by the weakness of the U.S. dollar, the statement said.
Company shares, part of the SOFIX index, closed 3.1% lower at 4.35 levs in a volume of 22,902 stocks on Friday. The financial statement was released after the close of bourse trading.
(1 euro = 1.95583 Bulgarian levs)