Bulgaria's duty-free turnover exceeds expectations

Tina Milton

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The turnover of the Bulgarian duty-free industry has exceeded initial expectations with a year-on-year rise of 34% to Eu174m ($225m) in 2004

The turnover of the Bulgarian duty-free industry has exceeded expectations, posting a year-on-year rise of 34% to Eu174m ($225m) in 2004. Bulgaria Duty Free Association chairman Radostin Genov told RavenFox.com the original forecast was set at Eu150m ($194m).

"[The results] can be attributed to an improvement in management structures, an increase in tourism levels and strong partnerships with suppliers such as British-American Tobacco and Philip Morris," said Genov.

The news comes as the bidding contest for state-owned border shop Kalotina-Balkantourist gathers pace, with nine companies registering interest in the sale. The tender has been scheduled for March 11 2005. The initial bidding price has been set at Lev360,000 ($238,584). Potential bidders will pay a Lev100,000 ($66,273) deposit to participate in the tender.

Kalotina-Balkantourist operates one shop on the Bulgaria/Serbia border and was put up for auction by the country’s privatisation agency earlier this year. Reports indicate the company posted sales revenues of Levs8.6m ($5.7m) for 2003.