The profit of Bulgaria's Sopharma for last year rose 4.49% to BGN 11.282 million, compared to BGN 10.797 million in 2002, preliminary consolidated balance-sheet data show. This makes a profit of BGN 17.09 per share and give a P/E ratio of 19.06. At the same time the income from core activities went down 0.75% from BGN 118.438 million to BGN 117.546 million. The decrease was due to the depreciation of the US dollar. The pharmaceutical company holds 100% of Pharmachim Holding, 45.89% directly and 54.11% indirectly through Pharmachim Holding of research institute NIHFI and 51% of Vramed AD.