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Bulgara's Elhim Iskra sees 14.6% y/y rise in H1 sales

Bulgara's Elhim Iskra sees 14.6% y/y rise in H1 sales Photo: Elhim Iskra

SOFIA (Bulgaria), April 21 (SeeNews) - Bulgarian car battery manufacturer Elhim Iskra [BUL:ELHM] said that it expects to book 21.8 million levs ($12.17/11.15 million euro) of sales revenue in the first half of 2022, which would mark a 14.6% rise compared to the same period of 2021 and an increase of nearly 50% compared to the first six months of 2020.

The company recorded net sales revenue of 10.8 million levs in the first quarter of this year, marking a 17.04% annual increase, and expects to generate a further 11 million levs of sales in the second quarter, it said in an interim financial statement published on Wednesday.

These forecasts are based on the firm's optimistic scenario for its development.

"This implies minimal impact of the negative consequences of the military conflict in Ukraine," the company noted, adding that uncertainties and the risks associated with rising energy prices, high growth of basic and raw materials prices, and disrupted supply chains remain high.

Elhim Iskra swung to a non-consolidated net loss of 534,000 levs in the first three months of 2022 from a net profit of 377,000 levs a year earlier.

Total operating revenue went up to 11.3 million levs in the first quarter from 9.7 million levs in the like period of 2021. Expenditures, however, also rose - to 11.8 million levs from 9.3 million levs, mostly due to higher costs for materials.

Elhim Iskra is part of blue-chip diversified group Stara Planina Hold [BUL:SPH].

(1 euro = 1.95583 levs)

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