Lead and Zinc Complex Audited Profit Down to 13.8 Million Leva

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Lead and Zinc Complex Audited Profit Down to 13.8 Million Leva

Lead and Zinc Complex Jsc () of Kardjali posted net audited profit in the amount of 13.826 million leva (7.06 mln euros) for 2007, while the preliminary figures announced at the end of March had pointed to 23.447 million leva (11.98 mln euros).

The significantly lower result is due to the adding of depreciation costs in the amount of 8.084 million leva (4.13 million euros). The depreciation results from changes of lead and zinc prices on the London market as of 31 December.

Operating profit stands at 29.69 million leva (15.18 mln euros), which is up by 9.99 million leva (5.10 mln euros), compared with 2006.

Revenues stand at 250.18 million leva (127.9 mln euros). Net sales account for 245.133 million leva (125.33 mln euros) of it and financial revenues reach 5.047 million leva (2.58 mln euros). This means sales revenues are up 59.3% compared with 2006, which is mainly attributed to increased production capacity and sales, as well as to the appreciation of lead and zinc.

The company expects a slow down in the price growth of lead and zinc this year.

According to prognoses, Lead and Zinc will produce some 26,225 tonnes of lead and 27,850 tonnes of zinc in 2008. Sales revenues are seen at around 235.135 million leva and costs at 232.045 million leva.

The estimations are based on the following raw material prices – 2,380 $/ton for zinc and 2,780 $/ton for lead, and a 1.35 leva/USD exchange rate.

The majority owner Intertrust Holding BG is planning to invest more than 100 million euro in the company in the following years.

68 million euros will be invested in the establishment of new facilities.

Some 30 million euros will be invested in lead production. The company will install new Ausmelt technologies, with the aim of boosting production capacity to 60,000 tonnes. A contract with Ausmelt for the delivery of equipment worth 5.6 million euro has also been signed.

Shares fell 3.02% to an average of 55.60 leva on BSE today.

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