Pamporovo's Q1 Earnings Dip 28% Y/Y

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Pamporovo's Q1 Earnings Dip 28% Y/Y

Pamporovo () posted quarter 1 profit in the amount of 2.74 mln leva (1.4 mln euros), compared with 3.81 mln leva (1.9 mln euros) a year ago, which is a plunge of 28% year-on-year, the company's report filed with BSE revealed.

The winter resort's revenues shrunk from 7.49 mln leva (3.82 mln euros) to 6.38 mln leva. Revenues from services are down to 5.1 mln leva (2.6 mln euros) from 6.54 mln leva a year ago.
Costs are almost unchanged at 3.64 mln leva (1.8 mln euros).

On March 31 assets stand at 67.63 mln leva (34.5 mln euros), or 1.3% above Q1 2007.

Non-current liabilities are slightly up from 12.47 mln to 12.55 mln leva (6.4 mln euros), while current liabilities fell from 32.98 mln to 31.01 mln leva (15.8 mln euros).

Pamporovo said the company continues to work on its project for the construction of the new 6-seat lift from Mount Snejanka to Mount Stoykite, as well as of two new 7 km long ski runs.

The bank will finance the construction with a loan from Corporate Commercial Bank ^cpc^  in the amount of 7.5 mln euros (which has to be repaid by April 2014).

According to plans the new lift has to enter into exploitation by mid-2008.

100 shares changed hands today on BSE at an average of 17 leva, which is 5.99% up from Friday.

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