Asterion Bulgaria's 9-mo net profit shrinks in half

Revenue in the review period fell to 5.72 million levs from 10.2 million levs a year earlier, the company said in an interim financial statement on Monday.

Meanwhile, operating expenses almost doubled - to 130,000 levs from 69,000 levs, mainly due to costs for external services.

Asterion acquired in June 99.99% of automotive holding company Avto Union [BUL:8AVB] and 90.01% of Eurolease Group from financial and insurance group Eurohold Bulgaria [BUL:EUBG]. As a result of the acquisitions, Asterion’s assets increased to 67.97 million levs at the end of September from 56.4 million levs at the end of December 2021, the financial statement showed.

According to the statement, Asterion has no direct exposure to financial instruments from Russia and Ukraine. The company does not receive income from clients from these two countries. Still, Asterion assumes that the war and the consequent deterioration of the investment environment could have an impact on its activities.

By 1521 CET on Wednesday, shares in Asterion Bulgaria traded flat at 100 levs on the Sofia bourse.

The company is owned by Bulgarian automobiles and car parts trader Power Logistics, which held a stake of 99.99% as of September 2022.

(1 euro = 1.95583 levs)