Sopharma Downgrades Net Profit Predictions

Bulgarian drug maker Sopharma [BUL:3JR] said on Thursday that its consolidated net profit, excluding interest attributable to minority shareholders in the group’s subsidiaries, fell to 30.0 million levs ($17.4 million/15.3 million euro) in the first nine months of the year from 32.7 million levs in the same period of 2017.

The company’s sales revenue rose 19.6% year-on-year to 860.9 million levs in January-September, mainly due to the consolidation of Serbian drug trader Lekovit, Sopharma said in an interim financial statement.

Sopharma’s majority-owned unit Sopharma Trading acquired a 70% stake in Lekovit in August 2017.

Sopharma booked 65% of its total sales in Bulgaria, while 33% came from exports to Europe.

The drug maker booked total operating revenue of 872.0 million levs in the review period, up from 733.5 million levs in the comparable period of 2017.

Sopharma’s total operating expenses increased to 840.9 million levs from 692.7 million levs, on the back of higher cost of goods sold and salary expenses.

Sopharma has 10 production facilities and a portfolio of over 210 products.

As at 12:15 CET on Thursday, Sopharma shares traded 1.1% higher at 3.68 levs on the Bulgarian Stock Exchange.

Read More

China’s Zijin To Buy Serbian Gold Mining Company For $1 Billion

China's Zijin Mining Group said it plans to raise up to 8 billion yuan ($1.16 billion/1.0 billion euro) for the acquisition of metals company Nevsun...

Bulgaria Has The Highest Credit Rating In The Balkans

Bulgaria has reached the highest credit rating in the Balkans. This was stated by Finance Minister Vladislav Goranov. Minister Goranov commented on...

France Introduces Eco Flight Tax

France introduces an eco tax on air flights. Thus, the government of President Emmanuel Makron fulfills the promise to take measures to combat...


85% Of Graduates In Bulgaria Find A Job Withing 1 Year

Nearly 85% of graduates in Bulgaria aged 20-34, who graduated last year, have found a job and have successfully acquired the knowledge, show data from...

Poll: 30% Of Bulgarian Businesses Fear Brexit

In the worst case scenario, business losses caused by Brexit will amount to 58 billion pounds, with sectors such as "automotive", "agriculture" and "food industry" expected to be...

Bulgaria In Last Two In Race For Skoda Factory Plant

The new Volkswagen Factory in East Europe, which will produce Skoda cars, will have an annual capacity of 350,000 cars. This is...