July 31 (SeeNews) - Bulgarian drug maker Medica [BUL:5MA] said on Monday its non-consolidated net profit rose to 1.1 million levs ($659,700/562,400 euro) in the first half of 2017, from 949,000 levs in the like period of last year.
Sales revenue edged up to 8.60 million levs in the January-June period, compared to 8.56 million levs in the corresponding period of 2016, Medica said in a bourse filing.
Cost of goods sold fell to 4.7 million levs in the period under review, from 5 million levs a year earlier.
Medica’s operating profit rose to 1.3 million levs in the first six months of 2017, from 1.1 million levs in the like period of last year.
Last month, shareholders of Medica and Sopharma [BUL:3JR] approved a proposal to merge Medica into Sopharma.
In April, Sopharma said it had received a regulatory approval to absorb Medica. Under the signed agreement, Medica shares will be converted into shares in Sopharma at a ratio 1 : 0.8831, Sopharma said at the time.
(1 euro = 1.95583 levs)