Bulgarian state cigarette producer Bulgartabac registered a net profit of BGN 2.17 M for the first quarter of 2011.

For the same period in 2010, Bulgartabac had a net loss of BGN 2.3 M. The main reason behind the better performance this year is a 64% growth of revenue from cigarette sales, as well as 41% growth of revenue from export.

Beginning of May the Bulgarian government announced a privatization bid for Bulgartabac, having stated it is looking for a strategic investor. This comes after years of failed plans to privatize the companies.

In Bulgaria Bulgartabac holds some 37% of the market, down from some 80% in the 1990s. The company's strategic goal is to keep that percentage around 30% until 2017.

During 2011 the company will develop and launch a new export brand named "Global."