Currency Fluctuations Hurt Farmexim Finances

Romanian drug distributor Farmexim has posted losses of EUR5.5mn (US$8.55mn) for 2007, in the wake of depreciation of the new lei. The company finished 2007 with a turnover of RON496mn (US$211mn), up by 35% year-on-year (y-o-y), and income of RON5.8mn (US$2.47mn). However, foreign currency debts and the Ministry of Health's refusal to adjust drug prices to the new lei exchange rates have hit the company

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