Chimimport reports 9mo 2010 net profit of BGN 101.1m, up by 2.1% YoY

30.11.2010 Source: Chimimport; FFBH

Chimimport’s 9mo 2010 net profit (after minorities) added 2.1% YoY of BGN 101.1m. In Q3 alone, net profit was virtually flat at BGN 31.5m. The Industry & Trade segment revenues rose by 14% YoY to BGN 219m while bottom line (before minority interest) declined by 22.3% YoY to BGN 12m due to higher (3.6-fold) net interest expense. The Financial sector of the group registered 1.4% YoY lower net profit of BGN 76.9m due to the 32.8% decline of profit on security transactions to BGN 36.5m. Result from insurance operations was up by 2.3% to BGN 17.7m while net interest income surged 38% YoY to BGN 82.7m. The Transport segment revenues came at BGN 291.6m, down by 9.8% YoY. Bottom line came at BGN 20.1m, down by 28%. However, the reported net profit is showing some improvement in profitability over the last quarter as the group reported Q3 only net profit of BGN 20m, down by 4% YoY. The real estate sector contributed BGN 0.3m to the net profit while construction sector bottom line was closed to zero. The consolidation of the group’s accounts added BGN 3.7m to the net profit, up from negative BGN 12.2m in 9mo 2009.