Kaolin Posts Non-Consolidated Profit At 17.09 Mln Leva

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Kaolin Posts Non-Consolidated Profit At 17.09 Mln Leva

Kaolin Jsc-Senovo posted non-consolidated 2007 profit in the amount of 17.09 mln leva, 8.737 mln euros (0.68 leva per share) compared with 8.192 mln leva (4.188 mln euros) a year ago, the company's report reveals.

Sales revenues are up nearly 24% to 105.4 mln leva (53.89 mln euros) and financial revenues surged 3.3 times to 5.53 mln leva (2.827 mln euros).

After the IPO filed in April, the company's core capital reaches 25 mln leva (12.782 mln euros). Kaolin's own capital stands at 115 mln leva (58.798 mln euros).

The board of directors announced yesterday that Kaolin has successfully acquired 98.98% of the capital of Serbian silica sand mine Rudnik Nemetala Valjevo via subsidiary Ugo Kaolin.

The value of the deal stands at at 80.2 mln Serbian dinars (around 974,000 euros). As you know, Kaolin filed a takeover bid with the Serbian Central Depository in January.

The deal is part of Kaolin's strategy for expansion to other markets in southeastern Europe via its subsidiaries.

Kaolin's main shareholder is Alfa Finance Holding, controlling 67.85% of the capital.

Shares were traded at an average of 13.72 leva on BSE yesterday.

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