Velefarm reported consolidated loss in amount of 2.47 billion dinars for year 2009

Belgrade-based Velefarm has reported consolidated loss in amount of 2.47 billion dinars for year 2009, while the final business result of this pharmaceutical company at the end of 2008 was positive and its registered profit amounted to RSD 52.3m.

This result is caused by the consolidation of balances of the mother company and its subsidiaries: Velefarm VFB, Baypharma in Podgorica, Banja Luka-based Farmacija-Velefarm, Velefarm-Proleka, Sanitarija, Bijeljina-based Velefarm, and Velefarm Invest. Velefarm's consolidated business incomes amounted to 20.5 billion dinars and they were 10.1% smaller than in 2008.

What contributed the most to this exceptionally bad net result of this domestic company are financial expenditures that grew from 1.5 billion to 2.79 billion dinars. This company informed the public earlier this spring that it had made the decision to increase basic capital by distributing shares from the new issue, and the final deadline for possible realization of recapitalization is December 31, 2010.