Energoremont Profit Dips to 103, 000 leva

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Energoremont Holding’s profit shrank to 103,000 leva in the first quarter of this year from 363,000 leva a year ago, the holding’s non-consolidated financial report shows.

Revenues in the period were up 78.4% to 3.94 mln leva from 2.21 mln leva in the first quarter of 2006.

Their increase was almost completely due to higher service sales reached 3.91 mln leva versus 2.17 mln leva a year ago.

Costs however also increased to 3.84 mln leva from 1.85 mln leva in the first quarter of last year due to higher external services costs which were up from 1.69 mln leva to 2.81 mln leva.

Materials costs also grew significantly from 91,000 leva to 620,000 leva.

The holding’s core capital is in the amount of 349,000 leva and its own capital stands at 4.45 mln leva.
Energoremont Holding AD-Sofia will hold a general shareholders’ meeting (GMS) on 30 May 2007 which is expected to vote a proposal to increase the company’s capital from 349,340 leva to 3,842,740 leva using own funds.

The capital will be increased via the issuance of 3,493,400 new shares with a face value of 1 lev each using excess funds from the “General Reserves” fund exceeding the legal amount of 1/10 from the capital - 171,146.94 leva, and 3,322,253.06 leva from the “Other Reserves” fund.

The new shares will be distributed between the shareholders in proportion to their interest in the company’s capital - each investor will receive 10 new shares for each one of their old share.

The main shareholders in Energoremont Holding AD-Sofia are Milenia 77 Ltd. with 33.46% of its capital, Conventional Energy Systems AD holds 32.39%, and Bulgarian Energy AD - 31.73%.

52 shares of Energoremont Holding changed hands today at 501.90 leva/share down 1.9% from yesterday. For the past year the holding’s stock has gained more than 1,280% - one of the highest growths registered on BSE.

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