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Dunapack expects big profit growth at Bulgarian unit

Hungarian packaging company Dunapack expects its unit in Bulgaria to close 2009 with profit of about 2 million Bulgarian levas (€1 million), up from 608,000 levas in 2008, in spite of the crisis, managing director of the unit Stanislav Razpopov said at press conference in Plovdiv, Bulgaria.

Revenue of the unit is expected to be flat in 2009, based on turnover in Q1-Q3, Razpopov said. During the same time, Bulgaria's industrial output dropped 19%-20%, he added.

The unit, called Dunapack-Rodina, controls about 20% of Bulgaria's packaging market and plans are to boost the share to 25%-30% in the future. Exports to Macedonia, Greece, Serbia and Turkey generate 5%-10% of revenue.

Dunapack has invested about 36 million levas, including the purchase price, in the unit since it was acquired in a privatization in 2002. (MTI – Econews)