Bulgartabac Holding, the largest cigarette maker in Bulgaria, reported seven million leva in consolidated profit for January-September this year. The result represents a 45 per cent year-on-year decrease, the company said in a report filed with the Bulgaria Stock Exchange (BSE).

Net sales revenues were up seven per cent to 255.188 million leva, whereas expenditures on economic items reached 229.918 million leva in what is also a seven per cent increase against the prior-year period.

The decrease in consolidated spending on materials was up from 108.5 million leva as of September 30 last year to 101.2 million leva as of September 30 this year.

Spending on financial items came in at 15 million leva, a 2.4-fold increase in the January-September period. The decrease was primarily attributable to a nine million leva difference from operations with financial assets and instruments.

Sales of tobacco products were up 6.47 per cent on the year to 13.598 billion pieces.

In an interview with Bloomberg newswire, Economy Minister Petur Dimitrov said that the government would take a decision on the sale of Bulgartabac after local elections. A day later, the executive director of the holding, Hristo Lachev, confirmed Dimitrov's statement at a news conference.