Decotex Profit Hits 124,000 leva in First Quarter

Decotex AD-Sliven registered a non-consolidated profit of 124,000 leva in the first quarter of 2007 versus a profit of 72,000 leva a year earlier.

Net sales revenues were up 31.79% to 6.749 mln leva, while financial revenues were down to 86,000 leva from 284,000 leva in the first quarter of 2006.

Total costs in the three months ended 31 March amounted to 6.711 mln leva increasing 1.334 mln leva or 25.81% from the corresponding period last year. Their increase is chiefly due to high raw material, remuneration and ready produce costs.

As of 31 March 2007 Decotex had a core capital of 15.042 mln leva and own capital of 23.238 mln leva. Its assets totaled 45.585 mln leva compared to 38.191 mln leva a year ago.

In March Decotex acquired a landed property in Sliven’s Novo Selo-East quarter with an area of 77,612 sq m and 6 buildings on it with a total built-up area of 8,196 sq m. The property will be used for the building of residential premises, which Decotex plans to sell.

Under the contract the is spaced out in the amount of 2,229 mln leva to be repaid until 31 December 2007, and 1.666 mln leva for the building of residential buildings, which should be delivered to Sliven municipality no later than 12 March 2010. This liability is reflected in “other current liabilities”.

In the “liabilities to suppliers” field of the current liabilities field deferred payment to 27 February 2014 to Interlease EAD-Sofia for a purchased loom is reflected.

Early today no transactions on this positions were made. Bids/asks were at 3.26/3.34 leva/share.

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