Zaharni Zavodi's Consolidated Profit Jumps 67-fold Y/Y in Q1

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Zaharni Zavodi's Consolidated Profit Jumps 67-fold Y/Y in Q1

Gorna Oryahovitsa-based sugar mill Zaharni Zavodi () booked 806,000 leva (412,100 euros) consolidated profit for the first quarter of 2008, the financial report of the company shows. The figure represents a 67-fold year on year increase.

The revenue of the company totaled 20.32 mln leva (10.38 mln euros) in the first three months of the year, up 47% compared to the year-ago period. Net sales revenue accounted for 20.04 mln leva (10.24 mln euros) of the figure, compared to 12.95 mln leva (6.62 mln euros) as at the end of March 2007.

The operating costs of the company rose by 42% to 19.45 mln leva (9.94 mln euros) as at the end of March 2008. The change may be put down to the increase in business costs and especially material costs.

Zahar EAD, a subsidiary of Zaharni Zavodi, decided during the accounting period to shut down the production of sugar from sugar beet. The company has applied for the restructuring of the plant.

The management board of Zaharni Zavodi decided on February 25 to set up jointly with Bultechinservice a limited liability company, dubbed Ethanol Bio. The new company will specialize in the production and sales of ethanol, bioethanol and biofuels.

Ethanol Bio will have 5,000 leva capital allocated in 500 units with 10 leva par value each. Zaharni Zavodi will hold a 51-percent stake in the company, while Bultechinservice will own the remaining 49% of the capital.

A total of 250 shares in Zaharni Zavodi have changed hands on the Bulgarian Stock Exchange (BSE) so far today. The stock has appreciated by 0.56% to an average of 10.7 leva per share.

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