Orgachim’s 9-mo unconsolidated net income rises 60%
02.11.2010
Source: Orgachim; FFBH
Orgachim’s 9-mo unconsolidated sales fell 9% YoY to BGN 74.2m as exports of production rose 11% YoY to BGN 48.3m, while sales of production on the domestic market dropped 27% YoY to BGN 20.7m. The EBITDA for the period fell 22% YoY to BGN 5.9m as materials costs rose significantly, partly due to the use of imported orthoxylol, used in the production of anhydrides, due to irregular deliveries from local Lukoil Neftochim. However, mainly due to lower depreciation charges as result of an asset disposal last year, net income rose, by 60% YoY, to BGN 2.8m.
IB debt totaled BGN 20.4m at the end of September (21% IB debt-to-equity), up from BGN 18.2m at the end of 2009 (22% IB debt-to-equity).