Orgachim Ruse reported Jan – Sept profit in the amount of 4.45 mln leva (2.27 mln eusos), which translates into 8.84 leva/share, according to the data the company posted on x3news.

Last year the company booked profit in the amount of 10.43 mln leva (5.33 mln euros) for the corresponding period. Orgachim said that the decline is due to the fact that costs are rising faster than revenues.

The company carried out a reevaluation of assets, which enlarged amortization costs.

Orgachim's sales of ready production in the Jan – sept 2008 period amounted to 109.85 mln leva (56.16 mln euros), which is a hike of 15% compared with the same period in 2007.

Export accounts for 54% of the total sales. The company's main markets are Turkey, Romania, Egypt, some countries in the Middle East and in Central Europe.

Orgachim is a manufacturer of paints, lacquers, resins, and other chemicals used in the spheres machine-building, electronics, construction etc.

The company owns 12 trade labels – Fasagen, Alutin, Balkid. Ruviplast, Vinalkol. Protecta, Leko. Mefisto, Blago, Interin, Emanel etc.

Majority shareholder is Whitebeam Holding (registered in Malta) , which holds 64% of the stock. Romanian-based Policolor is the official owner.

After the release of the report, shares fell to 92.5 leva, which gives the company a market capitalization of around 46 mln leva (23.5 mln euros).