Bulgaria’s BEH Sees 2012 Profit at 18.4 Mln Euro, Eyes Fitch Rating in Jan

Bulgaria’s BEH Sees 2012 Profit at 18.4 Mln Euro, Eyes Fitch Rating in Jan

The state-run Bulgarian Energy Holding (BEH) expects to post a profit of some 36 million levs ($24.4 million/18.4 million euro) this year on gross revenue from sales of 6.46 billion levs, the company's chief executive officer said.

The company plans a bond of no less than 350 million euro ($465.1 million) in 2013 and expects to be assigned a credit rating by Fitch by the middle of January before proceeding with the issue. It has not been decided how the proceeds will be spent, Mihail Andonov told a news conference.

BEH (www.bgenh.bg) incorporates assets of Bulgaria's sole nuclear power plant Kozloduy, gas monopoly Bulgargaz, gas transmission system operator Bulgartransgaz, telecommunications operator Bulgartel, NEK and its wholly-owned system operator Electricity System Operator, coal-fired power plant Maritsa East 2 and the Maritsa East coal mines.

The company's assets equal 12.8 billion levs while its capital is 8.84 billion levs. About 22,600 people work for BEH.

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