Romania's Antibiotice Iasi forecasts three-fold net profit in 2012 following a cut in personnel

State-owned Romanian drugmaker Antibiotice Iasi (ATB) expects the net profit to go up three times by 2012 as the company will reduce personnel by a third, according to a release by the Bucharest Stock Exchange (BSE).

The pharmaceuticals producer expects a net profit of 29.4 million euros in 2012. This year's net profit is estimated at 10.9 million euros.

Revenues between 2008 and 2012 should rise 20 percent and the net profit could increase by 25 percent. The company will reduce its personnel from 1,600 employees to 1,100.

The measure will be accompanied by technological and environment investments totaling 20 million euros. This year some 200 persons should be laid-off.

Antibiotice Iasi posted a 29 percent higher net profit last year against the year before.The company's net profit hiked to 30.8 million lei (8.5 million euros) from 23.8 million lei in 2006. Its revenues advanced 17.2 percent to 229.4 million lei from 195.7 million lei in 2006.

Total revenues hiked 20.5 percent to 238.32 million lei from 197.75 million lei in 2006. Total spending rose 20.3 percent to 201.7 million lei from 167.67 million lei in 2006.

The company has a share capital of 45.49 million lei divided into 454.9 million shares at a 0.10 lei face value. The Authority for State Assets Recovery (AVAS) owns 53.027 percent of the shares. Other shareholders are SIF Oltenia (10.09 percent) and Citibank (5.05 percent).

The shares are listed at the first tier of the Bucharest Stock Exchange under the ATB symbol.

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