November 7 (SeeNews) - Bulgaria's largest steel mill Kremikovtzi, owned by Indian steel maker Ispat Industries, said on Wednesday it cut its net loss in the first nine months of the year by 66.8% to 72.1 million levs ($54 million/36.7 million euro) as sales revenue grew by 30%.
Kremikovtzi's executive director Alexander Tomov said earlier this year he expected the company to end the year with an operating profit of 130 million euro ($177.7 million).
Following are figures from Kremikovtzi's income statement filed with the bourse in Sofia (in millions of levs):
|
|
Jan-Sept'07 |
Jan-Sept'06 |
2006 (audited) |
| NET LOSS |
-72.104 |
-217.393 |
-280.792 |
| PRE-TAX LOSS |
-72.104 |
-217.393 |
-277.331 |
| SALES REVENUE |
815.332 |
626.867 |
926.575 |
| TOTAL REVENUE |
955.679 |
735.113 |
1,081.418 |
| TOTAL COSTS |
1,027.783 |
952.506 |
1,358.749 |
Indian steel maker Ispat Industries, through its subsidiary Global Steel Holdings Limited (GSHL), acquired the owner of 71% of Kremikovtzi, Finmetals Holding, for an undisclosed sum in August 2005.
The mill has set its production target for the current year at a little above 1.3 million tonnes, down from a previously planned 1.6 million tonnes, due to delays in modernisation and restructuring plans. The steel mill was producing some 1.0 million tonnes yearly before Ispat Industries bought it in 2005.
Shares in the company ended 8.57% lower at 32 levs on Wednesday as 1,366 stocks were traded. The financial results were released after the end of the bourse session.
(1 euro = 1.95583 Bulgarian levs)