Czech pharma firm Spofa expects Koruna4.35m loss this year

20 July 2000 14:47  [Source: ICIS news]

PRAGUE (CNI)--Czech pharmaceutical manufacturer Spofa expects to report a loss this year of Koruna 4.35m ($115 000/Euro123 000) on sales of around Koruna186m.

Although the company reported a smaller loss in 1999 of Koruna1.94m compared to the previous year's Koruna 8.99m deficit, company spokesman Pavel Kutil said this was due to the Koruna10m raised from the sale of property.

Kutil said that while sales were expected to rise this year, this would probably not be reflected in the company's results until 2001.

Although sales last year increased from Koruna98.8m in 1998 to Koruna110.1m, the Prague-based company said it had suffered in recent years from an overall fall in demand for insulin, its main product.

The company chose to concentrate on former Soviet states such as Russia, Belarus and Ukraine as well as Poland, Slovakia and Vietnam for its medical products in light of the fiercely competitive market elsewhere, particularly, it said, from US giant Eli Lilly and Denmark's Novo-Nordisk.

Spofa employs around 170 staff.

By: Katka Krosnar
+44 20 8652 3214

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