The net profit of diversified holding Eurohold Bulgaria soared to 37.6 million leva in the first quarter of 2008, up from 0.92 million leva during the same period a year ago, the company said in a filing with the Bulgarian Stock Exchange (BSE). The figures are preliminary.

The multiple increase was mainly attributable a 41.6 million leva positive balance from financial assets and instruments’ transactions, caused by the transfer of Euroins Romania from Eurohold Bulgaria to its subsidiary holding Euroins Insurance Group EAD.

The transaction, entailing the transfer of 4.04 million shares, was cleared by the Romanian competition watchdog in February this year.

Also in February, Eurohold Bulgaria AD finalised the deal on the purchase of 83.25 per cent of Macedonia-based insurer Macosped Osigurovanje. The local finance ministry approved the transaction in late February and its anti-trust authority did the same in mid-March.

Dividend proceeds in the first quarter of 2008 were on a par with those last year, at 0.54 million leva.

Positive developments in the past year pushed the stock of Eurohold Bulgaria up by 52.61 per cent to 5.03 leva apiece.