Biofarm 4Q 2009 preliminary results

Raw materials costs and salaries were almost flat yoy, while third parties expenses came down by 24% yoy. The operating profit reached RON 1.1 mn, almost half of the profit of 4Q 2008. The company recorded gains of RON 6 mn from the revaluation of the portfolio of stocks (we remind that BIO has bought in late 2007- early 2008 some stakes in SIFs). Thus the net profit stood at RON 7.7 mn, while over last year the company recorded in the fourth quarter a loss of RON 31 mn, stemming mainly from losses on the stocks portfolio. In 2009 the company posted sales of RON 67.1 mn, 3% higher yoy, a flat operating profit of RON 18.7 mn, and a net profit of RON 20 mn, from a loss of RON 21 mn in 2008.