Bulgaria's Sopharma Cuts 9-Mo Non-Cons Net Profit 30%, Sales in Russia Drop 11%
Bulgarian drug maker Sopharma said that its net profit fell by an annual 30.4% to 27.7 million levs ($16.1 million/14.2 million euro) in the first nine months of the year, as the company's sales declined, including an 11% drop in sales in Russia. Sopharma shares closed Tuesday's trading session on the Bulgarian Stock Exchange 2.09% lower at 3.74 levs.The company's sales revenue decreased 3.7% year-on-year to 152.1 million levs in January-September, Sopharma said in an interim financial statement. Sopharma's sales in Bulgaria shedded 3% on the year to 63.3 million levs, while sales in Europe declined 5% to 72.2 million levs, mainly due to the drop in exports to Russia. The drug maker's sales in other countries rose 2% to 16.5 million levs. The drug maker booked total operaing revenue of 169.7 million levs in the review period, down from 174.5 million levs in the comparable period of 2017.Sopharma's total operating expenses increased to 139.8 million levs from 131.3 million levs, on the back of higher expenses for hired services and salary costs. Sopharma has 10 production facilities with a portfolio of over 210 products.