Sat, Feb 11 2012

Crisis nibbles Bulgarian food companies

Fri, Aug 28 2009 09:00 CET

byDnevnik.bg

1810 Views
Crisis nibbles Bulgarian food companies

Photo: Tsvetelina Angelova

In a sign that the economic slowdown is getting worse, companies are slipping to poorer results even in sectors previously believed to be better equipped to withstand the downturn such as the food industry.

Agria Group Holding, which specialises in grain production and processing and bread production, said its profit has withered by nearly 19 per cent as sales plunged 10 per cent. Current liabilities to banks doubled to 12.66 million per cent.

Zarneni Hrani Bulgaria-Farin, the agri business of industrial conglomerate Chimimport, suffered a threefold decline in profit to 355 000 leva at the end of June. And while sales slid too, expenses were flat at 6.7 million leva as costs for materials slipped and costs for external services and remuneration went up.

Doverie United Holding worsened its financial performance by 77 per cent to 908 000 leva. Total revenue came in slightly lower but currency exchange fluctuations have fetched an almost double increase in positive differences.

Doverie Brico, one of the companies in the group, which owns France’s Mr Bricolage franchise for Bulgaria, Macedonia and Albania,- closed the first half of the year 150 000 leva in the red, plunging from a 2.22 million leva profit a year earlier. This is better than expected than the 457 000 leva first-half guidance, the company said.

Source: Dnevnik.bg

  • Print
  • Send via email
  • Translate to
  • Share:

To post comments, please, Login or Register.


Please read the The Sofia Echo forum comments policy.

Bulgaria's Zarneni Hrani Farin returns to profit

In the first nine months of 2010, Zarneni Hrani Farin reduced spending on external services and also cut pay, book value of sold assets and amortisation costs.

The credit crunch: Factories, hotels and plants put up for sales by private bailiffs

The rising number of properties going on the block shows the crisis is getting uglier, private bailiffs head says.

Bulgaria launches nationwide probe into food establishments

Prosecutors order check-up of eating establishments after increase in food poisoning; close to 400 000 leva in fines have been imposed in the first half of 2001.

Bulgaria’s consumer prices lowest in EU – Eurostat

Consumer prices in Bulgaria in 2008 were 51 per cent of the European Union average, according to statistics released on July 16 2009. However, the average income of Bulgarian households was said by Eurostat in April to be eight times lower than the EU average.

Annual inflation in EU in June 2009 was 0.6 per cent - Eurostat

Bulgaria among EU states with the highest 12-month averages to June, new statistics say.

Deflation in June pushes CPI further down

Bulgaria's consumer price index (CPI) shrank in June by 0.4 per cent, the sixth time deflation was recorded in Bulgaria since May 2008, National Statistical Institute (NSI) data showed on July 13.

More in this category

Average monthly salary in Bulgaria rose in Q4 2011, statistics institute says

In the fourth quarter of 2011, the average monthly salary increased to 727 leva, 4.9 per cent higher than in Q3, the National Statistics Institute says.

Global food prices rebound, FAO says

For the first time in six months, global food prices rose overall in January 2012, the UN Food and Agricultural Organisation said.

Bulgaria mulls tighter regulation of bank fees - updated

The package will be discussed with the Association of Bulgarian Banks before the amendments are submitted to Parliament.

Bulgarian ICT Watch event in March

Debate at the half-day event will cover what has been achieved so far and what further can be done by the Bulgarian Government to support development of the market.

Movers and shakers

Selectivity, not popularity, is the driving force behind Sofia's most exclusive members' only club.

Appointments

British Council

British Council

Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.

CEZ

CEZ

Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.

BASF Bulgaria

BASF Bulgaria

Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.

Rompetrol Bulgaria

Rompetrol Bulgaria

Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.

© 2000-2012, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.