Orgachim Sees Profit Tumble To 5.6 Mln Leva, Reevaluates Assets

Orgachim Sees Profit Tumble To 5.6 Mln Leva, Reevaluates Assets

The net profit or Ruse-based Orgachim shrunk from 8.095 mln leva, 4.138 mln euros (16.09 leva per share) in 2006 to 5.632 mln leva, 2.874 mln euros (11.2 leva) in 2007.

Earnings were to a large extent hurt by delayed corporate taxes in the amount of 3.054 mln leva.

Amortization has also risen, from 1.836 mln leva to 4.904 mln leva (2.5 mln euros), as a result of assets reevaluation. After reevaluating fixed assets the company recorded a reserve in the amount of 48.273 mln leva.

Orgachim reports sales of production and materials in the amount of 124.064 mln leva (63.432 mln euros) in 2007, which is 27% up from the previous year. Pre-tax profit from core activity rose 8% to 9.865 mln leva (5.04 mln euros).

Orgachim's core capital stands at 503,000 leva (approx. 257,179 euros) , and its own capital reaches 68.731 mln leva (35.141 mln euros).

The company's is Bulgaria's largest manufacturer of paints, lacquers, adhesives and resins, an dis the only producer of phthalic anhydride. Orgachim owns 12 trade labels, among which Fasagen, Alutin, Balkid, Vinakol, Hemelkon, Protecta, Mefisto, Leko, Blago, Interin and Emanel.

Its main foreign markets are Turkey, Romania, Egypt, some countries in the Middle East and Central Europe.

64% of Orgachim's capital is controlled by Whitebeam Holding (based in Malta) . The company's owner is Policolor (based in Romania)

Shares are falling 4.9% this morning on BSE to an average of 497.10 leva.

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