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Bulgaria's Svilosa boosts 9-mo cons net profit, revenue

Author Mario Tanev
Bulgaria's Svilosa boosts 9-mo cons net profit, revenue Author: Ken Teegardin. License: Creative Commons, Attribution 2.0 Generic.

SOFIA (Bulgaria), November 30 (SeeNews) - Bulgarian cellulose producer Svilosa [BUL:3MZ] said on Thursday that its consolidated net profit rose to 29.7 million levs ($17.3 million/15.2 million euro) in the January-September period of 2018 from 20.8 million levs in the same period of 2017.

The company's operating revenue grew 117.5 million levs in the first nine months of the year compared to 100.9 million levs in the comparable period of 2017, Svilosa said in a bourse filing.

Operating expenses increased to 87.8 million levs in the review period from 80.1 million levs in the like period of last year, based on a rise in expenses for materials and salaries.

Svilosa is currently subject to a buyout bid by its majority owner A.R.U.S. Holding, although the publication of the offer has not yet been allowed by the Financial Supervision Commission. A.R.U.S. Holding sweetened its bid for the 6.74% stake in Svilosa it does not already own to 5.5 levs per share earlier this month, after the financial regulator suspended its initial offer of 4.7 levs per share.

As at 8:45 CET on Friday, Svilosa shares traded flat at 5.4 levs apiece on the Bulgarian Stock Exchange (BSE).

After A.R.U.S. Holding carries out the buyout bid, it intends to delist Svilosa from the BSE. 

Svilosa, through its unit Svilocell, is the largest producer of bleached kraft pulp in Bulgaria.

(1 euro = 1.95583 levs)