Fazerles AD Posts 1H Pre-Tax Profit Of 7.08 Leva Per Share

The 1H pre-tax profit of Fazerles AD Silistra () surged 159% to 3.648 mln leva (1.865 mln euros), or 7.08 leva per share, against 1.41 mln leva (720,921 euros), or 2.74 leva per share a year ago, BSE reports.

Revenues increased 49.11% to 15.75 mln leva (8.052 mln euros), compared with 10.56 mln leva (5.399 mln euros) in the respective period a year ago. The amount of production also increased over the period.

Costs also grew 32.4% to 12.12 mln leva (6.196 mln euros), of which 7.8 mln leva are costs on materials, and 2.13 mln leva payroll costs.

The main factors behind profit growth are maintaining steady high prices on the market due to the unpredictable nature of prices of energy (especially fuel prices), the high cost of materials, and reduction of the direct material costs in hardboard production.

The company has a core capital in the amount of 515,000 leva (263,315 euros), equity capital stands at 15.78 mln leva (8.069 mln euros), according to 1H data.

Majority shareholder is Fazerinvest controlling 58.5% of the capital, Leo Overseas holds 9.16%.

We remind that the annual meeting of shareholders, held 14 June 2007, approved dividend pay out in the amount of 0.65 leva/share.

A total of 2,042 shares changed hands during trade today, adding 12.43% to an average of 193.38 leva.

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