June 21 (SeeNews) - Bulgarian drug trader Phoenix Pharma, part of Germany's Phoenix Group, said that it turned to a net profit of 3.1 million levs ($1.8 million/1.6 million euro) in 2018 from a net loss of 2.6 million levs in 2017.
The company's sales of pharmaceuticals grew to 707.7 million levs last year from 654.5 million levs in 2017, Phoenix Pharma said in an annual financial statement.
Cost of goods sold increased to 684.1 million levs in 2018 from 635.3 million levs the year before.
Personnel costs rose to 14.7 million levs in 2018 from 13.4 million levs in 2017, while expenses for hired services edged up to 7.4 million levs from 7.2 million levs.
Phoenix Pharma held a market share of 21.9% in 2018, up from 21.1% in 2017, the company said quoting data from healthcare solutions provider IQVIA.
The company's assets edged down to 190.5 million levs at the end of 2018 from 194.4 million levs at the end of 2017.
Besides wholesale, Phoenix Pharma's activities also include pre-wholesale, as well as development of pharmacy software. The company has four distribution centres in Bulgaria - in the cities of Sofia, Plovdiv, Burgas and Veliko Tarnovo.
(1 euro = 1.95583 levs)