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Radiator maker Korado Bulgaria's H1 pre-tax profit doubles

Radiator maker Korado Bulgaria's H1 pre-tax profit doubles Korado Bulgaria/All rights reserved.

SOFIA (Bulgaria), July 28 (SeeNews) - Radiator maker Korado Bulgaria [BUL:4KX], part of Czech Korado Group, said on Friday its pre-tax profit doubled to 2.97 million levs ($1.77 million/1.51 euro) in the first half of the year from 1.5 million levs in the same period last year.

The company's sales revenues grew to 21.6 million levs in the six-month period from 13.3 million levs in the same period last year, the company said in a statement.

The company sold 293,000 radiators in the January-June period, up from 196,000 in the previous year.

Korado Bulgaria has said it plans to increase its capital, issuing one share for every two existing shares held by the company's shareholders, as the total number of company shares will increase from 8.78 million to 13.17 million.

Korado will distribute a dividend of 0.26 levs per share for 2016.

Korado Bulgaria was registered in 1998, when the 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.

Korado Bulgaria's shares traded 3.90% lower at 9.600 levs as of 12.00 CET on Friday on the Sofia bourse.

(1 euro = 1.95583 levs)



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