May 30 (SeeNews) - Bulgarian Airways Group, majority owner of flag carrier Bulgaria Air, said on Tuesday that its consolidated net profit increased to 902,000 levs ($494,160/461,184 euro) in the first quarter of this year from 371,000 levs in the comparable prior-year period.
The company's revenue jumped by an annual 39% to 74.4 million levs in the January-March period, Bulgarian Airways said in an interim financial statement. Of this amount, sales of services generated 56.9 million levs, up 107% on the year.
Operating expenses widened to 73.6 million levs from 53.8 million levs. The increase was mostly due to a 46% rise in costs for hired services to 23.5 million levs and higher costs for materials and amortisation expenses, by 38% and 34%, respectively.
Apart from the flag carrier, in which it holds 99.99% interest, 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 holding Chimimport [BUL:CHIM].
(1 euro = 1.95583 levs)