Farmacol reports lower sales in Q3

2011-11-21



Sales at Farmacol fell by 7.1% y-o-y in the third quarter of 2011, to just under PLN 1.15bn (€258m), while net profit attributable to shareholders of the parent declined by 6.7% y-o-y to PLN 8.4m (€1.9m). As a result, cumulatively in the first three quarters of the year Farmacol posted a 5.4% y-o-y drop in sales, to a little over PLN 3.68bn (€827m), and a 9.9% slump in net profit, to less than PLN 43.5m (€9.8m).
In its quarterly report Farmacol said that its sales performance was weighed down in large part by weaker wholesale and pharmacy sales at one of its subsidiaries, as well as by the fact that it ceased to consolidate the results of CF Plus after it lost control over the company. At the same time the group stressed that its debt load was very low compared with its main rivals.
Farmacol is moving ahead with a plan to streamline its logistics base. By the end of 2011 it plans to fully automate its new regional warehouse in Szczecin.