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Korado Bulgaria to invest 4.1 mln euro in new storage facility

Author Mario Tanev
Korado Bulgaria to invest 4.1 mln euro in new storage facility Korado Bulgaria/All rights reserved.

SOFIA (Bulgaria), November 1 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:4KX], part of Czech Republic's Korado Group, said that it has decided to invest 8 million levs ($4.7 million/4.1 million euro) in a new storage facility.

The investment is expected to be completed within a year and a half, Korado Bulgaria said in a statement on Wednesday.

The company recently completed its project for improving the energy efficiency of its buildings.

Yhe company's shareholders meeting approved on Wednesday the distribution of Korado Bulgaria's first interim dividend, of 0.10 levs per share.

The company distributed a gross dividend of 0.26 levs for the full year 2017.

Korado Bulgaria's net profit increased to 3.2 million levs in the first six months of 2018 from 3.0 million levs in the same period of 2017.

Korado Bulgaria was registered in 1998 when the Czech company acquired 98.2% of the originally German-Bulgarian steel radiators production plant in Strazhitsa, in northern Bulgaria. The plant exports its output to the markets of Romania, Ukraine, France, Hungary and Bosnia.

(1 euro = 1.95583 levs)

 

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