Toplivo Profit Drops 38% To 2.43 Mln Leva On September 30

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Toplivo's () January – September profit fell nearly 38% to 2.432 mln leva (1.243 mln euros), versus 3.896 mln leva (1.991 mlne uros) for the same period last year, the company financial report revealed.

Revenues grew just 1% to 209.3 mln leva (107.013 mln euros), versus 207.1 mln leva (105.888 mln euros) a year ago. Costs also rose – 2% to 206.6 mln leva (105.632 mln euros).

The company has a core capital in the amount of 5.417 mln leva (2.770 mln euros), and own capital in the amount of 90.6 mln leva (46.323 mln euros), according to September 30 data.

Toplivo's core activity includes delivery, storage, and trade with propane-butane gas and coal, as well as production, trade and export of construction materials etc.

The company has more than 380 outlets in 196 cities and towns across the country, of which 250 are shops and gas stations .

Majority shareholder is Synergon Holding Jsc, which controls 3,961,235 shares, or 73.13% of the company's capital.

Toplivo had informed BSE of its prognoses for financial results in its registration papers. The company expects 2007 consolidated net revenue to come to 310 mln leva (158.5 mln euros), and profit at 9 mln leva (4.601 mln euros).

At its meeting held October 26, the Board of Directors found these objectives attainable, and said they are not expecting any circumstances that might have a negative impact on results.

Shares dropped 3.11% to 35.55 leva after the release of the report. More than 8,000 shares changed hands today at levels between 33.70 leva and 37.90 leva.

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