Bosnia’s Top drug Firm Reports Fall in Net Profit

Net profit fell to 5 million Bosnian marka ($3.6 million) on flat revenue at 75.5 million marka, the company told Reuters.

Bosnalijek said exports to the countries of the former Russian federation and southeast Europe rose by 14.3 percent and 7 percent, respectively.

"Bosnalijek management is pleased with business dynamics, especially for the fact that a share of exports in total sales rose to 48.6 percent", it said.

Bosnalijek, which controls a quarter of the local market, made a 2010 profit of 4.2 million marka.

Bosnia's Muslim-Croat federation government and the International Finance Corporation (IFC), the World Bank's private arm, hold 19.3 percent and 8.4 percent stakes in Bosnalijek respectively.

Other shareholders are employees, investment funds and the Libyan government, which in 2008 swapped $12.9 million in government debt for an 8.7 percent stake in the firm.