In January to March, the company posted sales of RON72 million (EUR16.5 million), 1.1% higher on the year.
Antibiotice said its first-quarter operating profit rose 36.8% on the year to RON17.93 million. However, financial costs had a negative impact as the company reported a financial loss of RON2.45 million versus a profit of RON3.32 million in the first quarter of 2011.
Total revenue fell 1.9% on the year to RON78.55 million in January-March, while overall costs were down 2.2% to RON63.06 million.
The state-owned drugmaker expects a 13% higher gross profit in 2012, at RON29.9 million, on sales of RON309.1 million, up 10% year-on-year.
Romania’s Health Ministry owns 53% of Antibiotice’s shares, while SIF Oltenia (SIF5.RO) holds 10% of the company.
Tuesday in Bucharest, Antibiotice shares opened flat at RON0.37. (EUR1=RON4.4373)