January 28 (SeeNews) - Bulgaria's Tchaikapharma High Quality Medicines [BUL:7TH] said on Thursday that its net profit dropped to 344,000 levs ($213,000/176,000 euro) in 2020 from 2.6 million levs in 2019.
Tchaikapharma grew its revenue to 40.6 million levs last year from 35.1 million levs in 2019, it said in an annual financial statement.
The company's expenses rose to 40.1 million levs from 32.1 million levs, mostly due to higher expenses for materials and hired services.
Last year, Tchaikapharma finalised the purchase of a land plot near Sofia, where it intends to build its third plant. The plant's construction is expected to be completed by 2022, increasing the company's capacity to some 950 million tablets from 450 million tablets currently.
Tchaikapharma currently has production plants in Plovdiv and Varna with a portfolio of some 160 products. The company employed 151 people at the end of September, up from 146 a year earlier.
(1 euro = 1.95583 levs)