Bulgaria's Sopharma Q1 cons net profit falls on higher expenses

Sopharma's total operating revenue leapt to 515.2 million levs in January-March from 470.7 million levs a year earlier, the company said in an interim financial statement on Thursday. The increase was mostly driven by a 12% year-on-year rise in sales of goods to 435 million levs.

Meanwhile, Sopharma's expenses widened to 485.9 million levs in the first quarter of 2024 from 440.5 million levs in the prior-year period, chiefly due to higher costs of goods sold, which went up 12% on the year to roughly 383.5 million levs.

The company's assets stood at 1.62 billion levs at the end of March, compared to 1.51 billion levs at the end of last year.

As of end-March, Sopharma had a majority stake of 87.68% in pharmaceuticals distributor Sopharma Trading [BUL:SFT] and held controlling stakes in several other subsidiaries, including retailer SoPharmacy.

As of 1135 CEST on Friday, shares in Sopharma traded 0.33% higher at 6.16 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)