Petrol AD Profit Jumps 3.24 Times To 15.53 Mln Leva

The net 1H profit of Petrol AD () jumps 3.24 times to 15.53 mln leva (7.940 mln euros), against 4.79 mln leva (2.450 mln euros) a year ago, shows the company's report filed with the BSE.

The company attributes the increase to higher sales revenues. Net sales revenues grew 23.6% to 351.6 mln leva (179.770 mln euros), and financial revenues are up 2.75 times to 16.24 mln leva (8.303 mln euros).

Costs on economic elements reached 341 mln leva (174.350 mln euros), and financial costs surged 2.6 times to 9.27 mln leva (4.739 mln euros).

Petrol has a core capital in the amount of 109.25 mln leva (55.858 mln euros), and equity capital at 189 mln leva (96,634 mln euros). As of June 30, the company's total liabilities amount to 309.8 mln leva (158.398 mln euros), and borrowings stand at 190.8 mln leva (97.554 mln euros).

Petrol AD made a non-cash deposit into the capital of Petrol Storage (recently renamed New Co Zagora EOOD) contributing to its capital increase. The deposit consists of land property, machines, facilities and other fixed material assets of the Hydro Power Plant Jrebchevo, worth 8.707 mln leva.

Petrol AD is appointing a general meeting of shareholders 13 September 2007 to vote the sale of eight subsidiaries of Petrol Holding AD worth a total of 26.64 mln leva.

The sales to be voted are: 100% of the capital of Eurocapital Bulgaria worth 15.9 mln leva; BPI worth 5 mln leva; 42.69% of Varna Business Services Ltd worth 3.4 mln leva; 100% of the capital of Petrol Cart Service worth 36,000 leva; 100% of Vratsata worth 55,000 leva; 40% of the capital of Petro9l Engineering AD worth 82,000 leva; 99.99% of Trans Operator AD worth 283,000 leva; and 100% of the capital of Petrol Trade worth 1.887 mln leva.

In case no quorum is present at the meeting, it will be rescheduled for 28 September 2007, at 10.00h, same location, same agenda.

The final date for transacting the shares of the company as a result of which the holder will be entitled to voting right at the forthcoming general meeting is 28 August 2007.

1,010 shares changed hands today at an average of 4.52 leva.

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