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Bulgartabac Holding AD, the state-owned Bulgarian cigarette maker which is on sale, ended the second quarter of 2011 with a profit of BGN 2.9 M.
According to the consolidated account of Bulgartabac, the company registered total revenues of BGN 176 M in the second quarter, an increase of almost 30% compared with the second quarter of last year. Its total spending rose to BGN 172.8 M, an increase of 36%.
Bulgartabac's own capital amounted to BGN 277.8 M at the end of June 2011, a decrease of 12.25% compared with the second quarter of 2010.
The financial results came Monday just as it became clear that BT Invest, an Austrian-registered firmed owned by the Moscow-based bank VTB – the only entity to make it to the final stage of the privatization tender – has offered for Bulgartabac a price of EUR 100.1 M, or EUR 100 000 above the minimum asking price set by the Bulgarian Privatization and Post-privatization Control Agency.
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