"The increase is gratifying and shows we are moving in the right direction," BLD's chief executive, Christo Iliev, said in the statement.

London-listed Bulgarian Land Development (BLD) managed to shed its pre-tax loss by 81.8 per cent to 243 000 euro in 2007 due to increased income, it said on March 6, as reported by SeeNews.

The loss per share was 1.23 cent in 2007, compared to the 5.57 cent in 2006, BLD said in a statement to Alternative Investment Market (AIM) of the London Stock Exchange, where it is listed, SeeNews said.

"The increase is gratifying and shows we are moving in the right direction," BLD's chief executive, Christo Iliev, said in the statement.

BLD was admitted to the Alternative Investment Market of the London Stock Exchange in March 2006.

BLD focuses on property in the holiday areas of the Bulgarian Black Sea coast and ski resorts, and in the capital Sofia.