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Nov 27, 2007 17:50 EEST
November 27 (SeeNews) - Bulgarian industrial group Stara Planina Hold's consolidated net profit for the first half of 2007 was 2.6 times higher than a year earlier at 6.4 million levs ($4.9 million/3.3 million euro), while sales rose 31.3%, a company official said on Tuesday.
"The main reason for the rise is the capital hike in [Hydraulic Elements & Systems] HES. Also, all companies in the holding are at a profit, which impacted the consolidated results," investor relations officer Nikolay Mitankin told SeeNews.
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HES raised by 16% its share capital to 3.039 million levs in the middle of the year, offering investors 419,173 shares with a face value of 1.0 lev each at an issue price of 19.75 levs.
Following are data from Stara Planina Hold's consolidated income statement filed with the Bulgarian Stock Exchange (BSE), where the company is listed (in millions of levs):
* Revised figures due to change in accounting methods.
Stara Planina Hold owns 51.4% of traction batteries producer Elhim-Iskra, 73.73% of Hydraulic Elements & Systems and 75% of socks producer Fazan. The company also owns stakes in hydraulic equipment maker M+S Hydraulic, poultry producer Slavyana, transport company SPH Trans and small power plants operator Haidushki Poliani.
Shares in Stara Planina Hold, part of the BG 40 broad stock index, ended 0.64% higher at 7.8 levs on Tuesday.
(1 euro = 1.95583 Bulgarian levs)
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