Moststroy Posts 2007 Earnings In the Amount of 7.5 Mln leva

Moststroy Posts 2007 Earnings In the Amount of 7.5 Mln leva

After reporting a loss in the amount of 20,000 leva in 2007, Moststroy () ended 2007 with profit at 7.5 mln leva (3.834 mln euros), the company's non-consolidated report states. Revenues stand at 39.383 mln leva (20.136 mln euros), compared with 27.196 mln leva (13.905 mln euros) a year ago. The company said it executed road construction projects worth 39.369 mln leva (20.129 mln euros) last year, which includes road repair works worth 30.591 mln leva (15.640 mln euros).

Moststroy worked on eight larger road reconstruction projects in 2007. At the beginning of the year it signed contracts with the municipality of Plovdiv worth 12.256 mln leva. These include the construction of a new bridge across the river Maritza near Gerdjika (4.2 mln leva), repairs on the Asenovgrad overbridge (3.928 mln leva) and a repairs on the second bridge across the Maritza River (4.128 mln leva).

Road Construction-Moststroy has signed an agreement with the Republic of Bulgaria for the construction of road ІІ 80 (Е-80) from Novo selo to Maritza highway. The intersection to be built by Moststroy costs 7.750 mln leva.

The company also signed an agreement with the Turkish Doush Insaat for joint participation in the tender for the Sofia Underground project and more specifically for the Ring-2 section – ie the route Nadejda area – Central Railway Station – St. Nedelia Church – National Palace of Culture.

Total costs stood at 31.923 mln leva (16.321 mln euros) in 2007, against 27.597 mln leva a year ago. Costs on economic elements amount to 30.406 mln leva, or nearly 4 mln more than in 2006. Materials cost 13.541 mln leva, costs on external services reached 7.005 mln leva, and payroll costs

The balanced value of assets dropped from 46.262 mln leva (23.653 mln euros) to 33.793 mln leva (17.278 mln euros) last year.

In December the company founded three subsidiaries – Moststroy-Sofia, Moststroy-Plovdiv, and Mostsrroy-Veliko Tarnovo. Some 9.872 mln leva was invested in the establishment of the new enterprises.

Current assets dropped from 26.839 mln to 22.572 mln leva (11.540 mln euros). Current liabilities fell from 20.779 mln leva to 6.646 mln leva year-on-year.

Core capital stands at 1.115 mln leva (approx. 570,090 euros), and own capital is at 12.849 mln leva (6.570 mln euros), compared with 7.341 mln leva (3.753 mln euros) a year ago.

So far this morning on BSE the stock price rose 5.8% to 173.27 leva. The price varies between 167.51 and 176 leva.

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