Intertrust Holding's Non-Consolidated Earnings Surge To 68 Mln Leva

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Intertrust Holding's Non-Consolidated Earnings Surge To 68 Mln Leva

Intertrust Holding posted non-consolidated profit in the amount of 68 mln leva (34.767 mln euros) for 2007, which is 55% up from a year ago, the company's press service said.

The hike is attributed to increased profitability in its core activities and positive results from operations with financial instruments.

In 2007 H2 the holding signed agreements for export crediting for its two main investment projects – for modrnization of the zinc production in its Kardjali-based unit Lead and Zinc Production, and for construction of a steel rolling mill. The credits (in the amount of 26 mln euros) have been negotiated with two foreign banks. The first funds were received at the beginning of 2008.

The company is currently negotiating for another credit in the amount of 40 mln euros, which is expected to be agreed very soon.

Other projects of the companies in the holding are also being successfully developed. The design and basic engineering of the Ausmelt Australia project has already been started. It requires some 30 mln euros and includes modernization of the Lead and Zinc plant. The holding has six projects on their way in Serbia.

Intertrust Holding is working towards improvement of environmental sustainability. It also developed a complex system for planning and management of resources, which has already been adopted by Lead and Zinc Complex Jsc, Gorubso Madan, and Gorubso Rudozem.

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