State ports register 7.4% growth in profits

Bulgarian ports have registered an increase of sales revenue by 7.4% on an annual basis up to BGN 41.1 mln for the first half of 2011, posted Investor.bg. The data was based on the financial reports of the ports of Varna, Burgas, Ruse, Lom and Vidin. A positive growth was also registered compared to the first half of 2009, when the realised sales amounted to some BGN 40.25 mln..

Statistics indicate a stir up of economic activities in the first half of 2011. For this period, the profit volume of ports reached BGN 2.25 mln, which is a 1% incrase on an annual basis. For the first half of 2009, ports registered a loss of BGN 1.6 mln due to the negative financial result of Port of Burgas (minus BGN 3.2 mln).

The profits of the Port of Burgas excluded the effect of changes in foreign exchange rates, which is substantial because of the major Port’s liabilities in Japanese Yen (for over BGN 50 mln). For the first half of 2011, the Port of Varna handled some 3.75 mln tonnes of cargo. Compared with the corresponding period of the previous year, more than 516,000 tonnes of cargo were treated, thus registering an increase of 16%. Nevertheless, the sales of the largest Bulgarian port declined by 2,9% on an annual basis to BGN 22 mln. The main clients of the Port of Varna are Solvay - Sodi JSC which generated revenues of BGN 2.4 mln for the first half-year as well as Nitropolichim SPJSC - Devnia (export of fertilisers from Agropolichim), which accumulated proceeds of BGN 1.75 mln as well as the sales of Devnya Cement JSC for BGN 290,000.

For the first six months of 2011, the Port Complex Ruse J.S.Co. handled overall 468,000 tonnes of goods, thus marking an increase of 83,000 tonnes compared to the same period of 2010, or growth of 22%. There was mainly exports of coal (179,000 tonnes), cereals, coke (38,000 tonnes) and others via the Port, while the volume of grain exports doubled on an annual basis and reached 11,000 tonnes. During the first half of 2011, over 30,000 tonnes of timber were exported to Austria, while the timber treatment at the Port was launched in the second half of the year.

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