The profit of Bulgartabac Holding up by 450%

The net profit of Bulgartabac Holding JSC for 2011 reached BGN 31.85 mln, showed the annual non-consolidated financial statement of the formerly state-run factory, made public via the information system of the Bulgarian Stock Exchange. This is a 450% increase on an annual basis, compared to the BGN 5.825 mln profit for 2010. The total proceeds of the tobacco holding company also increased by more than BGN 20 mln to BGN 65.3 mln. The company’s aggregate assets, excluding the assets of its subsidiaries, declined from BGN 99.5 mln to BGN 78 mln. Bulgartabac’s liabilities also dropped to BGN 5 mln. At the beginning of September 2011, the State sold its 79% stake in the holding company to BT Invest, registered in Austria and owned by the Russian state-run bank Vneshtorgbank". The transaction was worth BGN 100.1 mln.

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