Despite the three winter months, Orgachim has managed to catch up on last year in terms of operating profit, x3news.

Total production sales are up to 76.707 mln leva (39.2 mln euros) as at 31 July, compared with 62.519 mln leva (on 30 July a year ago.

Revenues from sales of ready production in July 2008 are up 23% to 14.5 mln leva (7.4 mln euros), compared with 11.8 mln leva (6 mln euros) a year ago.

Administrative costs in July are up by just 6%. The rising prices of raw materials brought to a 4% decline in EBIDTA.

Operating profit (before adjusting for administrative costs) is up by 1.5 mln leva, or 9%, as a result of improved efficiency and investing in energy saving equipment.

On 31 July, the paints and resins unit profit stood at 21.621 mln leva (11 mln euros), or 32% up y/y, compared with 16.365 mln leva on 31 July 2007. The July hike alone is in the amount of 1.4 mln leva to 4.391 mln leva.

Pre-tax profit is down by just 650,000 leva y/y, taking into account that last year's profit was boosted by one-time transactions (2.111 mln leva) and that amortization costs this year were higher (by 1.11 mln leva).

Net sales revenues rose 20%, liabilities and borrowings remain the same.