Monbat, the Bulgarian maker of car batteries, said net consolidated earnings doubled to 16.88 mln levs in 2007, mainly due to a hefty 66% year-on-year increase in sales which topped 141.22 mln levs.

The financial report submitted to the Sofia stock exchange shows that the company has been paying its suppliers on schedule and that coupled with the value of uncollected sales revenues has led to a negative operating cash flow of 6.15 mln levs versus a positive cash flow of 8.54 mln levs a year ago.

Due payments from clients and suppliers are up by 10.7 mln levs while liabilities add only 1.36 mln to 6.91 mln levs.

The company absorbed investment worth 34 mln levs last year. The spending is expected to boost competitiveness and output capacity.

The management is aiming for a 55% increase in sales this year and for a 2.5 time increase in gross earnings.

The value of Monbat group assets rose 45% to 124.17 mln levs in 2007 while own capital added 17.6% to 86.8 mln levs.