TOBACCO MONOPOLY POSTED 2000 LOSS UNDER IAS

Business | May 23, 2002, Thursday // 00:00

Bulgaria’s tobacco monopoly Bulgartabac Holding posted a pre-tax loss of BGN 229,79 M, an Earnst&Young consolidated audit report under the International Accounting Standards (IAS) and signed on May 16 shows. The state is currently trying to sell a majority stake in its tobacco monopoly. Under the Bulgarian National Accounting Standards, the holding made a pre-tax profit of BGN 22,938 M in 2000. The difference is due to diverging standards for the accounting of the accounting of tobacco stockpiles, asset writedowns and frozen construction projects.
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