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Fri, May 24 2013

Economic slowdown in Bulgaria shows in corporate balance sheets

Wed, Feb 29 2012 08:17 CET

byThe Sofia Echo staff

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Economic slowdown in Bulgaria shows in corporate balance sheets

Photo: Julia Lazarova

Economic slowdown in Bulgaria shows in corporate balance sheets

Photo: Julia Lazarova

Bulgaria's economy is slowing down and this is reflected in consolidated balance sheets for the latest quarter, Capital Daily said, quoted by local news agency Focus.

Results are better, but at a slower rate compared to previous quarters.

One of the reasons for this is the increase in costs which leads to a profit-margin contraction.

At the same time, exports are also declining, leading to a fall in profits compared to 2011.

"After the first signs of economic slowdown in Bulgaria’s key foreign-trade partners in the EU, it was logical to see the first signs of slower economic growth in export companies," Boncho Ivanov, Portfolio Manager at UBB Asset Management, said.

Mincho Minchev, Chief Dealer at Investbank, pointed out that results of the individual companies are heavily dependent on the performance in their sector.

Minchev said that industrial, agricultural, and export companies are registering growth, but public construction companies "have deteriorated considerably" and are "on the verge of bankruptcy".

Svetoslava Mitisheva, broker at Bulbrokers, thinks that first-quarter results will be "rather unsatisfactory".

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Uniqa

Uniqa

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Beiersdorf

Beiersdorf

Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.

Hewlett-Packard

Hewlett-Packard

Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.

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