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Bulgaria's Sopharma posts flattish H1 non-cons net profit, revenue edges up

Author Mario Tanev
Bulgaria's Sopharma posts flattish H1 non-cons net profit, revenue edges up Sopharma/ All rights reserved

SOFIA (Bulgaria), July 30 (SeeNews) - Bulgarian drug maker Sopharma [BUL:3JR] said on Tuesday that its non-consolidated net profit edged up to 25.0 million levs ($14.3 million/12.8 million euro) in the first half of 2019, from 24.9 million levs in the same period of 2018.

As at 13:05 CET on Tuesday, Sopharma shares traded 0.60% lower at 3.29 levs on the Bulgarian Stock Exchange.

Sopharma's drug sales revenue rose by a slim 1% year-on-year to 100.2 million levs in the first six months of the year, supported by higher sales in Europe, the company said in an interim financial statement.

The company's European sales grew 13% on the year to 53.0 million levs in the review period, backed by a 35% rise in exports to Ukraine and a 7% increase in sales in Russia.

Sales in Bulgaria dropped 11% to 38.0 million levs. According to data from the company, Sopharma held a 3% market share in Bulgaria in terms of value and 10% in terms of volume.

Sales to other markets decreased 6% to 9.2 million levs, mainly due to lower exports to Vietnam.

The company's expenses rose to 88.4 million levs in the first half of the year, from 86.2 million levs in the comparable period of 2018.

Sopharma's assets increased to 200.6 million levs at the end of June from 197.6 million levs a year earlier.

The pharmaceuticals producer employed an average of 2,278 people during the first half of 2019, compared to 2,137 people a year earlier.

Sopharma, which has a portfolio of over 210 products, has 10 manufacturing facilities in the country.

(1 euro = 1.95583 levs)