Bulgarian Solarpro Holding posts EUR 2.7m profit for H1 2011

Aug 31, 2011 - Bulgaria's Solarpro Holding booked a BGN 5.3 million (USD 3.9m/EUR 2.7m) profit on consolidated operating revenue of BGN 25.5 million for January to June 2011, the photovoltaic firm said on August 30.

No comparative figures for 2010 are available because the company has recently separated its operations from the energy business of mineral extracting and processing firm Kaolin.

Solarpro pinned the high revenue on the engineering, construction and delivery of photovoltaic power plants in the region. The company so far has installed capacities of more than 30 megawatts and another 40 MW are in the make.

The solar equipment maker's costs stood at BGN 21 million up to June, including spending on materials of BGN 9.3 million. Payments to contractors amounted to BGN 2.8 million and salary costs totalled BGN 1.6 million.

Long-term bank loans came in at BGN 15.8 million, while short-term loans stood at BGN 16.7 million.

Solarpro Holding is part of local business conglomerate Alfa Finance Holding. Bulgarian businessman and publisher of Dnevnik daily and Capital weekly, Ivo Prokopiev, is shareholder in Alfa Finance.

Solarpro's stock are listed on the Bulgarian Stock Exchange and last traded at BGN 0.46 a share.

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