Sicomed: 3-fold decline in income

Pharmaceutical company Zentiva Bucharest (formerly Sicomed) saw a net profit worth 0.82 million euros (2.95 million RON) in the first quarter, an approximately 3.2-fold decline against the same period of 2005. The net profit was below the level budgeted for the first quarter, some 1.3 million euros (4.6 million RON). Sales were down 15%, to 12.7 million euros (45.2 million RON). For this year, the company has budgeted a turnover worth some 61.5 million euros (215.5 million RON at an average exchange rate of 3.5 RON/EUR), 16% more than in 2005. The net profit estimated for this year stands at 9.38 million euros (32.8 million RON), over a two-fold increase against the net income logged last year. Consolidated sales made by the Romanian subsidiary of the Czech company Zentiva, which also include sales of drugs imported under the Zentiva brand, amounted to 18 million euros in the first quarter. Con solidated sales of the company are to reach 100 million euros by the end of the year, as Zentiva officials have announced their intention to improve the drug portfolio of the Romanian subsidiary. ZF