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Bulgarian Chimimport's Oil and Gas Unit 9-mo Net Profit Rises 18% - Table

Oct 29, 2008, 4:25:39 PMArticle by Velizar Velikov
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October 29 (SeeNews) - Bulgarian oil and gas prospecting company Prouchvane I Dobiv Na Neft I Gaz, majority-owned by local industrial conglomerate Chimimport, on Wednesday said its non-consolidated net profit rose by over 18% to 6.5 million levs ($4.2 million/3.3 million euro) through September, as sales revenue jumped by almost 50%.

Bulgarian Chimimport's Oil and Gas Unit 9-mo Net Profit Rises 18% - Table

Following are details from the company's non-consolidated income statement filed with the Bulgarian Stock Exchange (BSE) (in millions of levs):

9-mo'08 9-mo'07 2007 (consolidated)
NET PROFIT 6.509 5.497 5.919
PRE-TAX PROFIT 7.157 6.309 7.231
SALES REVENUE 25.252 16.989 36.606
TOTAL REVENUE 25.475 17.012 37.239
TOTAL COSTS 18.318 10.703 30.008

Prouchvane I Dobiv operates 12 oil and gas deposits under concession. The company is currently prospecting for oil and gas in the area of Shabla, at Bulgaria's Black Sea coast.

Chimimport owns 52.7% of Prouchvane I Dobiv.

Shares of Prouchvane I Dobiv, a component of the broad BG 40 index of the BSE, surged 13.11% to finish at 4.90 levs on Wednesday on a volume of 1,327 shares. The income statement was filed after the end of trading hours on the BSE.

(1 euro = 1.95583 Bulgarian levs)

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