Bulgaria`s Neochim swings to 17.2M BGN profit in H1 201124.08.2011

Bulgarian fertiliser maker Neochim raked in a consolidated profit of 17.2 million leva in the first half of 2011, reversing a loss of 3.2 million leva from a year ago.
Sales surged by 91 million leva to more than 166 million leva, the company said in its consolidated financial report released on August 24. Sales abroad more than doubled to 85 million leva, while domestic sales gained 40 per cent in annual terms to 74.6 million leva.
Operating costs widened by 54 per cent to 149 million leva, mostly due to the almost 100 per cent rise in expenses for materials to 125 million leva. Salary and social security pay-outs also increased, though modestly.
Money borrowed from banks amounted to 13.23 million leva at the end of June, of which 2.5 million leva were loans with maturity of over one year.
Total debts stood at 41.5 million leva, including obligations to gas distributor Bulgargas of 4.4 million leva, with the bulk of debts due to be repaid in more than 12 months.
The consolidated report includes the financial results of subsidiaries Neochim Engineering, Neochim Protect, Neochim Catering and Turkish fertiliser trading arm Neochim Ltd.

Source: The Sofia Echo

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