Exports Make for 64% of Orgachim's Overall Sales in Q1

Exports Make for 64% of Orgachim's Overall Sales in Q1

Paint and varnish maker Orgachim () generated 25.568 mln leva (13.07 mln euros) net sales revenue in the first quarter of 2008, up by nearly 20% compared to the year-ago period, despite the weaker winter period for the sector.

The company strengthened its positions on major foreign markets, such as Turkey, Romania, Greece Central European countries and the former Soviet republics. Exports accounted for 64% of the total sales of the company in the first quarter of the year, up by 11% compared to the year-ago period.

The increase may be put down to the rise in exports to Ukraine where Orgachim operates a representative office jointly with Romania's Policolor. Orgachim, which markets mainly industrial products in Ukraine, plans to launch construction products on the local market as well.

The company booked 182,000 leva (93,000 euros) net profit in the first quarter of the year on 1.387 mln leva (709,160 euros) amortization costs, compared to 895,000 leva (457,600 euros) costs booked for the year-ago period. The higher amortization costs may be put down to the revaluation of part of the assets of the company made in the end of 2007.

Orgachim is Bulgaria's biggest paint, varnish, glue and resin manufacturer. The company employs more than 1,200 and owns 12 registered trade marks. It is also the sole producer of anhydrides in the country.

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