Synergon Holding Posts Non-Consolidated Profit At 4.08 Mln Leva On September 30 Report

Synergon Holding Jsc () posted January – September profit in the amount of 4.08 mln leva (2.086 mln euros), or 0.22 leva per share, versus 7.99 mln leva (4.085 mln euros) a year ago, the company's September 30 report filed with the BSE shows.

Total revenues drop by 3 mln leva to 6.94 mln leva (3.548 mln euros). Revenues from interest rates amount to 3.7 mln leva (1.891 mln euros). The decline is due to the decrease in revenue from dividends which drops by 3.2 mln leva (1.636 mln euros) to 1.25 mln leva (639,114 euros). Total costs stand at 4.27 mln leva (2.183 mln euros), or 4 mln leva (2.045 mln euros) less than a year ago.

Assets grew from 151.462 mln leva (77.441 mln euros) to 187.814 mln leva (96.027 mln euros) within the period. The hike is attributed to an increase in fixed assets in the amount of 22.656 mln leva (11.583 mln euros) after real estate acquisitions.

Synergon Holding has 25 subsidiaries.

The company will use the funds raised in its capital increase to finance subsidiaries operating in the area of furniture manufacturing and production of construction materials and concrete-based products.

Synergon Holding will invest more than 8 mln leva (4.090 mln euros) in these subsidiaries, of which 3 mln by the end of the year.

The company is looking for strategic investors for the lower-yield enterprises and for those requiring a lot of expensive materials. The company is also negotiating possible sales of these subsidiaries, which will boost financial revenue, and return per share.

Synergon has a core capital in the amount of 18.359 mln leva (9.386 mln euros), and own capital at 152.26 mln leva (77.849 mln euros).

Main sharehlders are Omega BD holding with 25.54% of capital, and Petrol-In Jsc with 21.19%.

4,686 shares changed hands today at an average of 16.90 leva.

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