Bulgarian Pharmaceutical Maker Sopharma with New Record Profits

Sopharma CEO and owner Ognyan Donev has mentioned ambitious plans for the company's development in Eastern Europe. Photo by Dnevnik

Bulgarian pharmaceutical giant Sopharma has registered record sales for a fourth quarter in a row at the beginning of 2011.

In the first quarter of 2011, Sopharma registered total revenues of BGN 60.0 M (a 13% increase year-on-year), total expenditures of BGN 45.3 M (16% more year-on-year), and net profit of BGN 13.1 M; its sales amounted to BGN 57.8 M, a 12% increase compared with the first quarter of 2010.

For April 2011 Sopharma reports a 20% year-on-year growth of its sales. According to preliminary data, in the first four months of 2011 its sales income grew by 15% year-on-year, including a 3% drop in sales on the Bulgarian market, and 24% increase in export sales.

As of March 31, 2011, Sopharma's own capital is BGN 307 M, an increase of 15.3% in one year, company information cited by money.bg shows.

Sopharma CEO and owner Ognyan Donev has recently made it clear that the larger Bulgarian pharmaceutical producer is embarking on an ambitious program to expand its sales and presence throughout Eastern Europe, especially the Baltic states, Poland, Belarus, Ukraine, Serbia, and Turkey and possibly Greece.

Sopharma's real estate subsidiary, Sopharma Properties, registered a profit of BGN 552 000 in the first three months of 2011. Its total revenues dropped by 33.7% y/y, down to BGN 669 000, while its spending declined by 57% down to 117 000.

As of March 31, 2011, Sopharma Properties has a capital of BGN 21 269, a decrease of 1.98% in the past year.

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