Sparky Eltos's Profit Up To 9.3 Mln Leva y/y

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Sparky Eltos's Profit Up To 9.3 Mln Leva y/y

Sparky Eltos () posted 2007 profit in the amount of 9.302 mln leva (4.756 mln euros), versus 929,000 (474,900 euros) a year ago, the company's financial report filed with the BSE reveals.

Sales revenues rose to 72.263 mln leva (36.947 mln euros) for the 12 past months, which is a 40% hike year on year.

Sparky expects 2008 sales revenues to rise to 89.1 mln leva (45.556 mln euros), and to reach 113.2 mln leva (57.87 mln euros) in 2009. Profit is seen at 14.2 mln leva (7.260 mln euros) at the end of this year, and at 20.1 mln leva in 2009.

The company expects the capital increase filed on November 26 (via issue of 2,735,320 new common paperless shares valued at 16 leva each) to provide a substantial boost for its investment program, enhancing competitiveness, sales, net profit, and production capacities. It will also enable the company to implement its four year investment strategy in a period of 15-18 months.

Sparky Eltos's core capital reaches 16.735 mln leva (8.556 mln euros), and at the end of 2007 own capital stands at 95.416 mln leva (48.785 mln euros). Majority shareholder is Sparky Group Jsc, which controls 67.45%.

The production and consumption of professional electric tools is very much dependent on the development of three key sectors – household and business construction, household and professional repair works, and real estate.

The construction sector continued to be among those posting the highest growth last year. The rising amount of investments poured in the sector is the force driving its growth.

The main materials Sparky uses in its production are aluminum, magnesium, and different types of steel and plastics. According to data by the world's leading commodity exchanges, the prices of aluminum and magnesium showed a sustainable growth tendency throughout the past year, as well as those of steel and petrol (the main material for the production of plastics).

Shares were traded at an average of 12.30 leva yesterday.

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