Bulgarian Ficosota Syntez Optimistic About Short-Term Profit Rise, Mkt Expansion Despite Crisis

“I am optimistic about the future, because our brands are mainly in the low and medium-price segment, but equal in quality to premium brands. In the hard times that come, more clients will prefer good products at lower prices,” Ficosota Syntez general manager Krasen Kyurkchiev said in a statement.

However, the company has decreased its forecast for an increase in its consolidated 2008 turnover from some 40% to 20%, to a total 120 million levs ($79.4 million/61.9 million euro).

The company said it had a 20% raise in turnover for the first nine months of 2008 and has already met its consolidated 2007 profit figure, which a press officer declined to quote.

Ficosota Syntez operates in ten markets in southeast Europe and registered the strongest growth in sales through September in Ukraine, 25%, compared to 14% for Bulgaria, backed by 40 million levs investments over the last two years.

Acquisition plans of the company in neighbouring Serbia and Romania hit a snag earlier this year as the identified targets were not willing to sell.

Ficosota, which holds about 40% of the detergents market in Bulgaria, exports mainly to Macedonia, Serbia, Romania, Moldova and Ukraine.

Ficosota Syntez (www.f-s.bg) is based in the northeastern town of Shumen where it operates six factories. Besides detergents, home and personal care products, it also manufactures gas heaters, electric water heaters and washing machines.

(1 euro = 1.95583 Bulgarian levs)