Antibiotice 1Q Net Profit Rises 22% On Higher Sales

05.13.2011 By Florentina Dragu

Romanian state-owned drugmaker Antibiotice Iasi SA (ATB.RO) Friday said its first-quarter net profit rose 22% on the year to 13.2 million lei (EUR3.1 million), on higher sales.

Antibiotice reported total sales worth RON71.2 million in the January-March period, up 20% from RON59.5 million in the year-earlier period.

The company said revenue rose 23% on the year to RON80.7 million (EUR19.1 million) in the first quarter, while expenditure increased 22% to RON64.2 million (EUR15.2 million).

Antibiotice expects a 21% increase in its 2011 pretax profit to RON22.4 million, on total revenue of RON294 million.

The Romanian Health Ministry controls 53% of the company's shares, while investment fund SIF Oltenia (SIF5.

Antibiotice is the second-largest nystatin maker in the world, with a 25% market share, according to company information.

Thursday, Antibiotice closed down 0.26% on the day at RON0.4906 a share in Bucharest. (EUR1=RON4.0997)