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Port Varna Reports BGN 2.5 M Annual Profit

Date: 29.12.2008

Port Varna EAD reported BGN 2,5 M profit for 2008 as the global financial crisis have not hit the largest Bulgarian port yet .

The port handled 7. 65 million tons of freight in 2008 as 8 million tons more are expected to pass through it until the end of the year, manager of the company, Danail Papazov said.

Due to fears over the deepening global financial crisis, the company has prepared an anti-crisis programme, which includes expenditure cuts and less investments but does not envisage staff reduction.

The port said they expect a decrease in freight volumes in the beginning of 2009 due to slowing production from big factories, as well as decrease in Chinese cargo shipments.

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