Net revenues in the three months ended 31 March increased 51.29% to 22.742 mln leva. Financial revenues grew to 2.863 mln leva from 390,000 leva.
Economic elements costs were up 44.85% to 19,213 mln leva, while financial costs reached 928,000 leva versus 856,000 leva a year ago. As of March 31 Kaolin had assets worth 11.025 mln leva against 98.694 mln leva in the first quarter of 2006.
Kaolin raised 61.838 mln leva from its IPO. A total of 1,186 entities took part in the subscription.
The company intends to use the funds to refinance part of its liabilities to banks and leasing companies and to finance its own investment program, Kaolin’s prospect shows.
Kaolin plans to increase its production capacity and to concentrate its efforts on developing its products and ensuring their quality and reliability, as well as lowering production costs.
Part of the raised funds will be used to acquire companies in Southeast Europe and to develop greenfield projects.
Kaolin AD plans to invest in the development in its logistics capacity and R&D activities.
Kaolin is the biggest maker of industrial materials in Southeast Europe. Its main products are high quality quartz sands, kaolin, limestone and other industrial materials, as well as a series of added value products based on the materials mentioned above.
Kaolin AD holds 100% from the capital of Ceramic Materials EOOD, Ustrem 2001 AD, BRP Invest AD, Yugo Kaolin (Serba), Kaolin Azov (Ukraine), Kaolin Mineral (Romania) and respectively 93% from the capital of Promineral (Ukraine), Ogneuporni Glini AD and 84.79% from the capital of Magma 97 AD.