Bulgaria's Sopharma 9-mo cons profit grows on higher contributions from associated firms

Growth was driven by the operating performance, lower financial costs and higher profits from associated companies, the drug maker said in an interim financial statement.

The company’s revenue rose to 1.23 billion levs in the nine months through September from 1.197 billion levs a year earlier. Sales climbed by 3.3% on the year to 1.22 billion levs. When adjusted for the divestment of businesses in Latvia and Belarus last year, the group booked sales growth of 10%.

At the same time, operating expenses went up to 1.16 billion levs from 1.14 billion levs mainly due to higher cost of goods sold.

At the end of September, Sopharma held a share of 2.45% of the Bulgarian pharmaceutical market in terms of value, maintaining its position, the company said.

As at 1516 CET on Tuesday, shares in Sopharma traded flat at 4.50 levs on the Bulgarian Stock Exchange.

The company said on Monday that its largest shareholder, diversified group Donev Investments Holding, is seeking to increase its current 27.89% ownership by up to 8.16%.

(1 euro = 1.95583 levs)