April 19 (SeeNews) - Bulgarian veterinary drug maker Biovet said it plans to step on new overseas markets like Australia as well as to enter China and other Asian territories and some African countries while maintaining its current footprint abroad.
"In the next few years Biovet will aim to increase exports to Central and Eastern Europe where the animal stockbreeding sector is developing and growing at a fast rate," the company said in its annual report released on Friday. It did not elaborate.
Biovet exports some 90% of its output. The European markets accounted for 59% of its total sales abroad last year.
The company makes medicated and nutritional feed additives, enzymes, bulk active substances and pharmaceuticals for farm animal productivity and animal health.
Peshtera-based Biovet (www.biovet.com) posted a net profit of 5.6 million levs last year, up 10 times as compared to 2008. Its sales rose 12.1% to 116.7 million levs.
Shares of the company closed down 2.86% at 7.13 levs in a volume of 1,774 on the Sofia bourse on Monday.
(1 euro = 1.95583 Bulgarian levs)