CBA Asset Management Posts 16.4 Mln Sales Revenue in Q1

CBA Asset Management Posts 16.4 Mln Sales Revenue in Q1

Veliko Tarnovo-based CBA Asset Management () booked 16.403 mln leva (8.38 mln euros) consolidated sales revenue in the first quarter of 2008. The company did not release a consolidated report for the corresponding period of 2007.

The combined sales revenue of CBA – V. Tarnovo, CBA-Gabrovo and CBA Rousse, which were included in the structure of CBA Asset Management as of the second half of 2007, totaled 9.896 mln leva (5.06 mln euros) in the first quarter of 2007. The 66-percent year on year rise in sales revenue may be put down mainly to the increase in the commercial space of the company and the opening of new commercial establishments.

CBA Asset Management continued its dynamic development in the first quarter of 2008 and has opened seven new stores since the beginning of the year. Thus, the overall commercial space of the chain nearly tripled to 10,200 sq. m. The company invested a total of 6.5 mln leva (3.33 mln euros) in the new stores and has created a total of 270 new jobs this year.

CBA Asset Management posted 131,000 leva (67,000 euros) loss for the first quarter of the year, which may be attributed mainly to the costs related to the expansion of the operations of the company. The revaluation of financial assets of the company also contributed to the loss.

CBA Asset Management's shareholders voted at a general meeting, held on May 30, in favor of the acquisition of 100 % of the capital of Burlex 104. Thus, the Veliko Tarnovo-based company will become Bulgaria's larges chain operating in the field of fast-moving consumer goods.

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