The operating company of the Estonian Ülikooli Apteek pharmacy chain, Yliopiston Apteekki OÜ, posted a profit of 8.7 million kroons (EUR 560 000) last year, up 69% from 2007.
The company finds that the growth in profit was due to increased turnover and fall in the prices of purchased raw materials and components, it appears from the annual report of the company.
The sales proceeds of the chain totalled 144 million kroons last year, up by 20% against the year before.
During the year, Yliopiston Apteekki invested a total of 1.6 million kroons into material fixed assets, most of which was connected with the opening of new pharmacies and their installation.
The labour costs of the company totalled 11 million kroons last year and the two-member board were paid a remuneration of 1.2 million kroons.
The company had 12 pharmacies last year, and in addition to those Yliopioston Apteekki bought a subsidiary, Lihula Apteek OU, last year.
As of the end of 2008, the retained profit of the pharmacy chain was 21 million kroons. The board moved non-payment of dividends.
The owner of the chain is the Finnish pharmacy chain Yliopiston Apteekki OY.
Source: Estonian Review
Filed under: Entrepreneurship