Slanchev Bryag AD Posts a 575,000 Leva Pretax Profit in First Quarter

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Slanchev Bryag AD posted a pretax profit of 575,000 leva in the first quarter of the year versus a loss of 1.847 mln leva a year ago, the company’s non-consolidated report published by BSE shows.

Revenues in the three months ended 31 March grew from 1.911 mln leva to 4.645 mln leva. In the first quarter Slanchev Bryag AD continued to develop its main activity – electricity distribution on the territory of the Sunny Beach resort complex. Electricity sales revenues were almost flat in the last quarter compared to the same period a year ago.

However, revenues from sale of long-term assets changed significantly due to the sale of self-contained parts of the Crystal hotel. Since the company does not own the land, the hotel cannot be sold as one project.

Therefore Slanchev Bryag began transferring separate self-contained properties in it – the former hotel rooms were turned into apartments and were offered for sale. Revenues from the sale of long-term assets in the first quarter reached 2.886 mln leva. They came mainly from the sale of these self-contained parts of the Crystal hotel.

In the end of March 2007 most of the properties were already sold and revenues from their sale were accounted for.

Slanchev Bryag AD has a core capital of 1.958 mln leva. Its own capital amounts to 90.718 mln leva.
Slanchev Bryag AD was last traded on 7 May at 17.23 leva/share.

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