Profit Rise at Bulgartabac Down to Plant Sales

Source from:  Tobacco Reporter 03/11/2009

Mar 10, 2009-Bulgartabac registered a net profit of nearly BGN25.0 million in 2008, up more than 680 per cent on that of 2007, about BGN3.2 million, according to a Novinite report quoting the company's press service. The increase was almost entirely due to the sale of two of the company's four plants as part a restructuring strategy. In July last year, Bulgartabac sold on the Sofia Stock Exchange its plants in the cities of Stara Zagora and Plovdiv for BGN18 million and BGN31 million respectively, and now has only two plants, one in Sofia and the other in Blagoevgrad. Meanwhile, Lidia Shuleva, who is a member of parliament and of the opposition Bulgarian New Democracy Party, has alleged that Bulgartabac is being systematically drained of funds prior to privatization. Bulgartabac sold 17,314 billion cigarettes last year, 11,896 billion on the domestic market and 5,418 billion overseas. Enditem