Monbat Posts 6.8 Mln Profit In 1H

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Monbat AD posts 1H net profit in the amount of 6.825 mln leva (3.489 mln euros), or 0.35 leva per share.This is 92% up compared with the respective period a year ago, when profit stood at 3.56 mln leva (1.820 mln euros), the company's report filed with the BSE reveals.

Sales revenues for the period stand at 50.99 mln leva (26.070 mln euros), which is 38% up compared with a year ago (36.9 mln leva, or 18.866 mln euros).

The company's export grew 44% compared to 1H 2006. Monbat's main foreign markets are those of Germany, Holland, Italy, Czech Republic, Belgium, England, Romania and Greece. Export to Germany grew significantly – by 98%. Meanwhile, export to Hungary, Serbia, Macedonia and Albania has subtracted. Sales on foreign markets increased 7%.

Sales revenues in June 2007 amounted to 9.371 mln leva (4.791 mln euros), and profit stood at 1.407 mln leva (719,387 euros).

After analyzing the results, the Board of Directors has decided to correct the prognosis made in the company's investment plan and registration paper regarding expected revenues and profit for 2007.

Sales revenues prognosis is corrected from 110 mln leva (5.624 mln eurs) to 118 mln leva (6.033 mln euros). Profit is expected to reach 15.5 mln leva, or 7.925 mln euros, while the previous prognosis was 15.057 mln leva (7.698 mln euros).

Majority shareholder is Prista Oil controlling 68.3% of the capital. Prista Oil is also related to another shareholder – Monbat Trading which has 7.06% of the capital.

Monbat's shares are currently traded 3.39% up to an average of 16.17 leva.

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