Fazerles Q1 Profit Up 18% Y/Y

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Fazerles Q1 Profit Up 18% Y/Y

Silistra-based Fazereles () booked 1.99 mln leva (1.01 mln euros) profit in the first quarter of 2008, up 18% year on year. The company posted 6.04 mln leva (3.09 mln euros) profit in 2007 and 3.5 mln leva (1.78 mln euros) profit in 2006.

The operating revenue of the company totaled 7.8 mln leva (3.98 mln euros) as at the end of March 31, 2008, compared to 7.5 mln leva (3.83 mln euros) revenue generated a year earlier. Fazerles' net sales revenue amounted to 7.7 mln leva (3.93 mln euros), up by nearly 250,000 leva (127,900 euros) year on year.

The company forecasts 35 mln leva (17.89 mln euros) net sales revenue for the entire 2008, which would represent a 10.1-percent year on year increase. The profit of the company from its core activity is forecast to amount to 4 mln leva (2.04 mln euros) as at the end of the year, which would mark a 33.8% year on on year decline. The net profit of the hardboard maker is projected to reach 3.6 mln leva (1.84 mln euros) in 2008, compared to 5.42 mln leva (2.77 mln euros) profit booked for 2007.

A total of 304 shares in the company have changed hands on the Bulgarian Stock Exchange so far today. Fazerles' stock price went up by 2.21% to an average of 172.08 leva (87.98 euros) per share.

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