Holding Roads consolidated revenues increased 29% YoY in H1 2008 up to BGN 50m. However EBITDA dropped 2% YoY down to BGN 7.7m mainly pressed by 85% YoY rise in compensation expenses (BGN 11.7m) and 40% YoY rise in cost of materials (BGN 16m). The increase in the above line items came from growing in-house production as Holding Roads is heavily investing in new machinery in order to decrease use of subcontractors. The capex investments of about BGN 20m since the beginning of 2008 financed mainly by loans caused two-fold increase in both interest expenses and depreciation allowances. That said, consolidated net profit decreased 70% YoY down to BGN 1.4m. Net profit margin for H1 2008 stood at 3% compared to 12% a year ago.