State sea shipping company Navibulgare reached a net profit growth by 86.7 per cent to 35.1 million leva in 2007, IntelliNews agency reported on January 29. The higher profit is a result of time-charter and local market freights. Navibulgare revenues increased by eight million leva but the number of employees dropped by three per cent. Currently the company is into a process of privatisation, as previously reported by The Sofia Echo. The only bidder admitted to the final phase was German firm KG Maritime Shipping. At the beginning of January, the Privatisation Agency approved the bidder’s request to extend the deadline for a final offer until February 19. Navibulgare net asset value shows the price of the 70 per cent stake should exceed 350 million euro.