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Bulgarian Tchaikapharma posts 5% year-on-year drop in first-half net profit, expects cap hike

SOFIA (Bulgaria), August 17 (SeeNews) – The Bulgarian company Tchaikapharma High Quality Medicines [BUL:7TH] said on Wednesday its consolidated net profit in the first half of 2022 fell to some 2.6 million levs ($1.35 million/€1.3 million) from 2.72 million levs in the same period of 2021.

The company’s operating income rose to 23 million levs in the January-June period from 22.3 million levs in the same period last year, Chaikapharma said in a financial statement. intermediate.

At around 22.8 million levs, sales revenue increased by 2.2% compared to the first half of 2021.

The drugmaker’s operating expenses increased by 3.6% year-on-year to 20 million levs during the reporting period, mainly due to a slight increase in personnel expenses, while material costs the raw materials recorded a drop of 2.2%.

The company’s assets at the end of June amounted to 119.7 million leva, compared to 117.5 a year earlier.

In June, Tchaikapharma shareholders approved a proposal to scrap the dividend for 2021 and allocate the bulk of last year’s net profit, 1.26 million leva, to the unallocated profit fund.

In a separate statement on Thursday, the company called an extraordinary shareholders’ meeting on September 29, planning to propose to its investors to approve the use of the aggregate profit of 2020 and 2021, some 1.8 million levs, to increase the capital of the company.

Tchaikapharma had a wholly-owned subsidiary, Swyssi SRL in Romania, and employed 162 people in the parent company at the end of June.

In the second quarter of 2022, the drugmaker continued work to expand its production plant in Plovdiv. The company has another plant in Varna and a portfolio of more than 160 drugs, including antibiotics, nervous system treatments as well as digestive and metabolic drugs.

Shares of Tchaikapharma closed unchanged at 15.70 lev in its last trading session on Tuesday.

(1 euro = 1.95583 levs)