Losses incurred by Moststroi amount to 3.6 million leva as of September 2009, a loss that includes business operations conducted by all other affiliated firms.

Moststroi is one of Bulgaria's largest companies. It specialises in the construction, modernisation and rehabilitation of bridges and auxiliary bridge infrastructure.

Consolidated losses for the first nine months of 2008 were 207 000 leva, Dnevnik daily reported on November 30, citing a company media statement.

Moststroi stressed in its report that the main reasons for the losses are the lack of funding for large infrastructure projects, mainly due to the withdrawal of European funds. Additionally, payments the company expected from the National Road Infrastructure Agency (NRIA) were also delayed significantly.

Moreover, most of Moststroi's daughter firms receive their funding for the execution of different projects, funding which usually arrives in the fourth quarter of the year, whereas the main construction process and – subsequent – main expenses are incurred in the second and third quarter.

Accordingly, the possibility exists for discrepancies in the balance books of the road construction companies to be offset by the end of the year, but only if they receive the full funding necessary to complete their projects, Dnevnik reported.

Additionally, Moistroi said that to become more competitive in recent years, they had purchased a new fleet of machines and equipment through leasing or credit. Failure to meet the payments in time, however, has only added to the interest they have to pay in the end and in turn to increased company expenses all around.

As of September 2009, Moststroi had accumulated a total of 15 million leva debt to various creditors. Expenses for the first nine months in 2009 had fallen by 12 million leva as opposed to the corresponding period last year, but so have income from sales, which incurred a 54 per cent decline, down to 8.1 million leva.