Q2’15 net profit of Chimimport declines 17.1% YoY (NEGATIVE)

H1’15 net profit (after minorities) of Chimimport came to BGN 49.5m, down by 12.1% YoY. In Q2’15 alone net profit was down by 17.1% YoY to BGN 25.2m. H1’15 EPS came to BGN 0.34 (BGN 0.23 on fully diluted base) while Q2’15 EPS was BGN 0.17 (BGN 0.12 on fully diluted base). Net result from non-financial activities declined by 29.2% to BGN 30.7m (down by 6.7% to BGN 15.6m in Q2’15 alone), net insurance income surged 97.9% to BGN 16.4m (up 4-fold to BGN 8m in Q2’15) while net interest income increased by 6.9% to BGN 57.7m (flat YoY in Q2’15 at BGN 29.7m). The net result from transactions with financial instruments dropped 79% to BGN 10m (down to BGN 13.5m loss in Q2’15 from BGN 21.1m profit in Q2’14). Administrative cost increased by 21.2% in H1’15 to BGN 103.1m (up by 26.5% to BGN 55.3m in Q2’15). The allocations to insured individuals (pension funds returns) decreased by 58.5% YoY to BGN 13.4m in H1’15 (in Q2’15 the allocated losses came to BGN 20.6m compared to allocated profit of BGN 14.3m in Q2’14). The net profit before minority interest declined by 14% YoY to BGN 52.8m (down by 15.1% in Q2’15). Total assets of the group increased 7.4% in H1’15 to BGN 7 808.9m.