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Aug 30, 2023 10:31 EEST
August 30 (SeeNews) - Bulgarian Airways Group, majority owner of flag carrier Bulgaria Air, said its consolidated net profit dropped to 350,000 levs ($193,322/178,952 euro) in the first half of 2023 from 2.8 million levs in the same period last year.
The company's revenue went up 12% on the year to 161.5 million levs in January-June, Bulgarian Airways said in an interim financial statement on Tuesday. Sales of services generated some 135 million levs, up 75% in annual terms.
Bulgarian Airways' operating expenses widened to 161.9 million levs from 143.1 million levs. The rise was driven by a 52% increase in costs for hired services to 56.1 million levs, along with higher costs for materials and amortisations.
Apart from the flag carrier, in which it holds a 99.99% stake, the group has several fully-owned or majority-owned subsidiaries, including Bulgaria Air Maintenance, Invest Kapital Konsult, Airport Consult, Bulgaria Air Technic and Aviation Company Hemus Air.
Bulgarian Airways Group is part of diversified group Chimimport [BUL:CHIM].
(1 euro = 1.95583 levs)
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