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Shareholders in Bucharest-based drug maker Biofarm last month approved a 11.7 million RON increase in share capital by using the reserves set aside from last year"s net profit, according to an announcement published Friday in the Official Gazette. Biofarm"s new share capital is 58.68 million RON, divided into shares with a face value of 0.10 RON.
Following the increase in share capital, SIF Oltenia holds 14.15% in the company, while SIF Moldova controls 10.59% and SIF Banat Crisana 10%. The Authority for State Assets Recovery (AVAS) has a 1% stake, while other minority shareholders together hold 64.24% in Biofarm.
Biofarm reported a net profit of 4.29 million RON (1.2 million EUR) for the first quarter of the current year, recording a 7.25% increase compared with 4 million RON in the same period last year. The company"s turnover amounted to 14.49 million RON (4.32 million EUR) in the first three months, down 0.13% from 14.51 million RON in the year-ago quarter.
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