PETROL PROFIT DOUBLES
Fuel retailer Petrol AD’s non-consolidated data showed that the company’s net profit for the first three months of 2008 was 11 times higher than in the same period of 2007, Bulgarian-language daily Dnevnik reported on May 6. The company was nearly 45 million leva in the black after it almost doubled sales growth in the first quarter of the year. Petrol cost savings increased by about 64 per cent to 250 million leva.

ORGACHIM LOSSES
Orgachim’ non-consolidated data showed that Bulgaria’s leading paints and varnishes producer recorded a loss for the first three months of 2008. The company reported a 182 000 leva net loss for the period, compared with a net profit of 1.97 million leva for the same period of 2007, Dnevnik reported on May 6. The loss comes on the back of an one-off payment for an early settlement of liabilities.

STATE ENERGY HOLDING
The Economy and Energy Ministry said it started the procedure to pick a consultant to advise it on setting up a new energy holding company, which would take over state stakes in several large energy companies. The ministry will offer the chosen adviser an eight-month contract worth 800 000 leva, without value-added tax, to prepare the ground, register the holding and offer suggestions for improving the regulatory framework.

CAR PRODUCTION
Corporate Commercial Bank and local businessman Grisha Ganchev have launched a joint venture to design, produce and sell motor vehicles and spare parts. It was not immediately clear which of Ganchev’s companies will own the majority stake in the newly-created Litex Motors. The bank will have eight per cent in the new company.

LOOKING FOR PARTNERS
Marketing and sales company RailAway, majority-owned by Swiss state railways Schweizerische Bundesbahn, said it is looking to step on the Bulgarian market and was looking for a company to represent it in the country. RailAway specialises in tourism promotion and ticket sales.