August 29 (SeeNews) - Blue chip Industrial Holding Bulgaria said on Friday its consolidated net profit for the first half of 2008 rose by 25% on the year to 7.5 million levs ($5.6 million/3.8 million euro), even though sales fell by 20%.
Sales for the first half of the year dropped to 42.4 million levs from 53 million levs for the same period of 2007, Industrial Holding Bulgaria said in a statement without giving a reason for the decrease.
Company officials were not immediately available to comment on the financial results.
Following are figures from the group's consolidated income statement (in millions of levs):
|
H1'08 |
H1'07 |
2007 |
NET PROFIT |
7.509 |
6.015 |
11.864 |
PRE-TAX PROFIT |
9.031 |
8.123 |
14.555 |
SALES REVENUE |
42.431 |
52.985 |
162.169 |
TOTAL REVENUE |
50.270 |
55.851 |
169.098 |
TOTAL COSTS |
41.239 |
47.728 |
154.543 |
Industrial Holding Bulgaria raised its 2007 consolidated net profit by some 23% to 11.9 million levs.
Bulgaria’s financial watchdog on Thursday approved a 21.878 million levs three-year convertible bond issue of the holding company.
Industrial Holding Bulgaria, set up in 1996 as a privatisation fund under the country's voucher privatisation programme, was transformed into a holding structure in 1998. Its investment portfolio, which includes stakes in more than 20 companies, is focused on ship and machine building. It owns 61.5% of privately held Bulyard consortium, which in turn owns Bulgaria's biggest shipyard, the Varna Shipyard.
Shares in Industrial Holding Bulgaria, part of the SOFIX blue-chip index of the Bulgarian Stock Exchange, closed 1.13% lower at 6.1 levs in a high volume on Friday. The company’s financial statement was released after the end of the bourse trading.
(1 euro = 1.95583 Bulgarian levs)