Sparky Eltos AD Expects 2007 Profit To Top 9 Mln Leva

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Sparky Eltos AD's sales revenues stand at 25.057 mln leva (12.811 mln euros) in 1H, or 11.5% up from the respective period a year ago.

The increase is due to the growing demand for the company's products, as a result of the measures taken for expansion of markets and the introduction of new products, BSE reports.

The company's profit for 2007 first half stands at 3.059 mln leva (1.564 mln euros), compared with 72,000 leva (36,813 euros) a year ago, which is more than what the company predicted for the entire 2007.

Sparky Eltos benefitted mainly from increased sales of professional electrical tools, where profit is highest.

The company now needs to correct the figures for expected revenues in 2007, stated in its registration paper filed with the BSE.

The Board of Directors informed all current and future shareholders that according to latest calculations, sales revenues for 2007 are expected to reach 71.3 mln leva (36.455 mln euros), and profit is expected to stand at 9.15 mln leva (4.678 mln euros).

Sparky Eltos increased capital from 2 mln leva (1.022 mln euros) to 14 mln leva (7.158 mln euros) by issuing 12 mln new shares, via the transformation of 2006 profit and reserves into capital. The new emission has not yet been registered for trade on the BSE.

Sparky Bulgaria AD controls 79.52% of the capital of the power tools manufacturer.

The stock climbed 8.45% to an average of 13.74 leva today, several transactions were made at the record 15.90 leva/share.

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