May 30 (SeeNews) - Bulgarian pharmaceuticals maker Sopharma [BUL:SFT] said on Tuesday that its consolidated net profit rose to 33.6 million levs ($18.4 million/17.2 million euro) in the first three months through March from some 22.6 million levs in the comparable period of 2022.
Operating revenue rose to 470.7 million levs in the review period from 400.8 million levs a year earlier, the drug manufacturer said in an interim financial statement.
The company's consolidated sales revenue rose by an annual 17.5% to 467.2 million levs in the first quarter. Sales of products in Bulgaria added 4% on the year, while sales in Russia surged 185% after tumbling in the same period last year which saw the start of the Russia-Ukraine war. At the same time, Sopharma's sales in Ukraine ticked down by 3%. Sales in other traditional markets also significantly rose in January-March, with the highest annual jump registered in Belarus, by 401%, Sopharma added.
The drug maker also noted a sharp 146% growth in revenues from procurement and contract production.
Operating expenses at the company increased to 440.5 million levs in January-March from 379.8 million levs in the prior year, largely due to a 15.6% rise in costs of goods sold to some 341.2 million levs. While costs of materials remained almost unchanged, salary expenses added 17% year-on-year to 35 million levs.
As at 1541 CEST, shares in Sopharma traded 1.03% higher at 5.960 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)