St Konstantin and Elena's Consolidated Profit Up 76%

St Konstantin and Elena Holding's () consolidated Jan – Sept profit rose 76% to 5.490 mln leva (2.806 mln euros), versus 3.117 mln leva (1.593 mln euros) a year ago. Profit per share came to 2.4 leva.

Nine-month revenue rose 26%, from 19.848 mln leva to 25.008 mln leva (12.786 mln euros). Net sales revenues are up by more than 5 mln leva to 24.954 mln leva (12.758 mln euros). The biggest hike is in revenue from services, which grew from 18.564 mln leva at the end of September 2006, to 20.837 mln leva (10.653 mln euros).

Production sales resulted in 1.046 mln leva (534 thousand euros), and sales of goods amounted to 2.106 mln leva (1.076 mln euors), versus 838,000 leva a year ago.

The company offers five main types of services – hotel services (accommodation can be provided to 2,000 people, 906 in four star hotels), construction (the main part of 2006 revenues came from apartment sales, this tendency is obvious this year as well), infrastructural (expanding and reconstruction on infrastructure of the parent company, introduction of changes ensuring environmental sustainability, and maintenance of water and sewerage systems).

The fourth type of services is connected with investment properties, the company continues to rent out property. The holding is one of the concessioners on beaches on the territory of the the resort.

Total costs rose 16.6% to 19.514 mln leva (9.997 mln euros). Costs on economic elements grew from 14.745 mnln leva last year, to 17.777 mln leva (9.090 mln euros).

The balanced value of assets grew 4.6 mln leva to 78.083 mln leva (39.923 mln euros). Fixed assets are worth 55.088 mln leva (28.166 mln euros).

The company has core capital in the amount of 2.310 mln leva (1.181 mln euros), and own capital in the amount of 25.721 mln leva (13.150 mln euros).

The holding consolidates the activity of 6 subsidiaries – Garant EOOD, Yantar EOOD, Bulgarian Golf Society. Alagio. Tiona, and Consortium Marina-Balchik.

Investors seem to have been pleased by the good report, shares rose 2.51% this morning to an average of 40.01 leva after 292 shares changed hands early today.

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