Bulgarian Property Price Rise Provides Boost For Bpd

SHARES in Bulgarian Property Developments (BPD) edged up 1.5 per cent to 35p yesterday after the developer's portfolio in eastern Europe was re-valued by Colliers CRE.The value of the company's Bulgarian portfolio increased by 9.4 per cent to 82.ADVERTISEMENT09 million (£65m) as of the end of June, compared with a value of 75.02m on 12 December.In the six months to 30 June, BPD's turnover rose by 55 per cent to £708,000, up from £457,000 in the same period last year.The company almost broke even, making an interim loss of £21,000, compared with a loss of £594,000 in the first six months of 2007.Christian Williams, chairman of BPD, which has a market cap of about £37m and is listed on London's Aim, said: "The real estate sector is amongst those worst affected by the current turmoil. Nevertheless, I believe we may take some comfort from the fact that our property in Bulgaria, which has been revalued in the last month, has increased in value."I am confident that, as BPD has a strong balance sheet, it is well placed to continue creating value for shareholders despite continuing instability in global financial markets."