Holding Patishta's Earnings Grow More Than Three Times in Jan – September

The consolidated Jan – Sept profit of Holding Patishta ()  rose more than three times to 16.65 mln leva (8.513 mln euros), versus 5.43 mln leva (2.776 mln euros) a year ago, the company's report reveals.

The good result is mainly due to the doubling in consolidated revenue – from 42.88 mln leva (21.924 mln euros) last year, to 92.52 mln leva (47.304 mln euros) at the end of September 2007. Revenue from services rose from 34.54 mln leva to 67.15 mln leva.

Production sales surged more than 7 times – from 1.01 mln leva, to 7.46 mln leva between Jan – Sept this year.

8.21 mln leva was reported as Other Revenue. Interests brought the company 921 thousand leva, against 133 thousand leva for the respective period in 2006.

Costs grew more than twice – from 37.43 mln leva (19.137 mln euros), to 75.8 mln leva (38.755 mln euros) for the first nine months of this year.

Their increase was mainly attributed to rising costs of materials, external services (which nearly doubled) and payroll.

Costs on interest payments also grew ro 3.25 mln leva compared with 524 thousand leva for the respective period a year ago.

Holding Patishta JSC has appointed a general meeting of shareholders December 11, which is to vote a proposal for a 1:25 split.

This was announced in mid-October by the chairman of the Board of Directors Orlin Hajiyankov during the official presentation of the company's strategic objectives before investors.

At the moment the company has a capital in the amount of 432 thousand leva, allocated in 17,280 shares with a face value of 25 leva. The split will increase the number the number of shares and reduce their face value.

Two new holdings will be set up – Maintenance and Reconstruction and Roads and Highways. Holding Patishta also has plans of acquiring Dobrich-based “Patno Stroitelstvo i Poddarjane” (Road Construction and Maintenance).

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