Zlatni Pyasatsi Books 3.5 Mln Leva Q1 Profit on Strong Revenue from Services, Asset Sales

Zlatni Pyasatsi Books 3.5 Mln Leva Q1 Profit on Strong Revenue from Services, Asset Sales

Bulgaria Zlatni Pyasatsi () booked 3.47 mln leva (1.77 mln euros) profit in the first quarter of 2008, a turnaround from the 133,000 leva loss (68,000 euro) posted for the corresponding period in 2007, the report of the company published earlier today shows.

The operating revenue of the company amounted to 8.82 mln leva (4.5 mln euros) in the first three months of 2008, up 66% year on year. The revenue from services and other revenue accounted for the bulk of the figure. The revenue from services totaled 5.85 mln leva, compared to 2.46 mln leva generated a year earlier. The other revenue of the company stood at 2.97 mln leva as at March 31, 2008, compared to 2.85 mln leva posted a year earlier.

Zlatni Pyasatsi generated 2.99 mln leva revenue from the sale of long-term assets in the first quarter of 2008.

Zlatni Pyasatsi sealed a deal on February 25 for the sale of a property to associated company Zlatni AD. The property is located in the namesake resort, while the value of the deal stands at 526,000 euros or 1.05 leva (VAT excluded).

Zlatni Pyasatsi has also signed a contract to become a guarantor of the 5 mln euro loan of associated company S Travel AD to Corporate Commercial Bank.

The revenue of the company from construction services amounted to 5.06 mln leva in the first quarter of 2008, compared to 1.43 mln leva for the year-ago period. The revenue from infrastructure fees and rents went down from 881,000 leva in the first three months of 2007 to 716,000 leva a year later.

Zlatni Pyasatsi's issued capital stood at 6.5 mln leva as at the end of March 2008, while the equity capital of the company totaled 105.55 mln leva, compared to 102.08 mln leva a year earlier.

A total of 380 shares in the company changed hands on the Bulgarian Stock Exchange (BSE) today. The stock of the company appreciated by 8.66% to an average of 8.91 leva per share today.

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