Elma Posts a 23,000 Leva in First Quarter; Revenues Down 28%

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Elma AD-Troyan posted a profit of 23,000 leva in the first quarter of 2007 down 1,000 leva from a year ago, the company’s financial reported published on the website of BSE-Sofia shows.

Total revenues in the three months ended 31 march were down 28% to 2.79 mln leva from 3.9 mln leva a year ago. The company has confirmed orders for the whole 2007 guaranteeing output increase and utilization of production capacities.

Total costs in the last quarter were also down 28% to 2.86 mln leva. Prices of non-ferrous metals have been going down since the start of 2007.

Elma AD has a core capital of 2 mln leva. Its own capital amounts to 12.74 mln leva.

Elma Elektromotori AD and AKB-Aktiv AD control 28.35% and 19.23% of Elma’s capital respectively, while Kostenez-HHI and Standard Investment High-Yield Fund hold 13.36% and 8.17% respectively.

Elma’s stock closed at 3.33 leva/share Friday. Bids/asks remained at levels of 2.98/3.30 leva/share.

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