Romanian state-controlled drug producer Antibiotice Iasi made a net profit of RON 7.1 million (EUR 1.58 million) in the first quarter of this year, up by 18% compared to the same period of 2015.

The result was also 39% higher than the estimated level for this period, the company announced on Friday.

The company’s revenues increased by 5% year-on-year, to RON 55.1 million (EUR 12.3 million). The exports went up by 4%, reaching USD 5.9 million (EUR 4.5 million).

Romania’s Health Ministry controls 53% of Antibibiotice’s shares and local investment fund SIF Oltenia owns a 13.5% stake. The company is listed on the Bucharest Stock Exchange and has a market capitalization of EUR 68 million.

editor@romania-insider.com