Bioton’s results boosted by accounting

16-08-2007, 17:53

Accounting operations substantially supported Bioton’s second quarter results. In reaction, investors sold out the stock.

On Tuesday, Bioton, the insulin producer, was one of the hottest companies listed on the Warsaw Stock Exchange. Shares were diving 10-11 percent during the day. The company had PLN 56.5m (EUR 14.9m) of net income in the second quarter against PLN 44.8m a year ago. Operating income jumped to PLN 77.8m from PLN 46.2m. Consolidated sales amounted to PLN 53.3m and were the same as last year.

Although the results grew, analysts believe that they are very poor. "There is no improvement in operating income and sales year-on-year”, Pawel Burzynski, DM BZ WBK analyst told Reuters agency.

In his opinion, the operating income would have amounted to PLN 4-5m hadn’t Bioton’s stake at BioPartners company been overestimated.

“In addition, what was added in the last quarters, was now deducted because the stake in HTL Strefa was re-evaluated”, Pawel Burzynski added.

Analysts point out that sales were lower than in the previous quarter. Adam Wilczega, Bioton CEO, expects that the company will have PLN 130m of net income this year.

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