Bulgarian River Shipping (BRS) announced a 310 per cent increase in net profit over the first nine month of 2007, with profit reaching 3.7 million leva by the end of September.

The increase in profit was mainly due to increased net sales of 34.3 million leva, up by 9.6 million year-on-year, Pari daily reported.

BRS's financial revenues fell by nearly 47 per cent to 87 000 leva, Pari daily said.

BRS's shareholders were expected to allow the management board to raise company capital to 100 million, following approval from the supervisory board. The change in the statutes would be approved at an extraordinary general meting on December 14, Bulgarian Stock Exchange said.

The capital increase could be carried out within a five-year term after the change, Pari daily said. According to data from the financial supervision commission, BRS's capital amounted to 28.96 million leva.