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Oct 31, 2007 14:04 EEST
October 31 (SeeNews) - Orgachim, Bulgaria's largest manufacturer of paint and varnish, on Wednesday said it had a net profit of 10.4 million levs ($7.7 million/5.3 million euro) for the first nine months of 2007, 2.6 times higher than a year earlier, as sales rose by a third.
The net profit through September is nearly as high as the net profit for all of 2007 forecast by the company's CEO earlier this year. Orgachim CEO Ivan Sokolov has said Orgachim expects its net profit to rise by at least 30% in 2007 from 7.9 million levs last year, as sales were expected to grow at the same pace backed by introduction of new products and rising exports.
Following are details from Orgachim's financial report sent to the Bulgarian Stock Exchange (BSE), where the company is listed (in millions of levs):
Orgachim exports its production mainly to Turkey, Greece, Romania, Egypt, central Europe, ex-Soviet republics and the Middle East.
The company stock, part of BSE's blue-chip SOFIX index, closed 1.8% lower at 800 levs in a volume of some 980 shares.
(1 euro = 1.95583 Bulgarian levs)
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