Sparky Eltos, the Bulgarian maker of power tools, said that H1 unconsolidated revenues had jumped 50 per cent, to 37.8 million leva.

The net profit of the company rose by a hefty 87 per cent to 5.7 million leva year-on-year.

Sparky Eltos explained the upside with successful efforts to expand its market reach and with a pick-up in demand for its enhanced line of products.

In late May, Sparky Eltos and Sanyo Europe clinched a deal for joint production of li-ion batteries. The project is expected to generate 8-10 million euro in sales by the end of 2009.

In its interim Q1 report, Sparky said that sales were projected at 89.1 million leva for 2008 and at 113.2 million leva for 2009.

Gross profit was forecast at 14.2 million leva for 2008 and at 20.1 million leva for 2009.

The company stock added 2.2 per cent to close at 9.30 leva on July 17.