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Bulgarian arms trader Kintex net profit edges down in H1

Bulgarian arms trader Kintex net profit edges down in H1 Author: snarglebarf Licence: Creative Commons

SOFIA (Bulgaria), August 2 (SeeNews) - Bulgarian state-owned arms trader Kintex said its net profit slightly fell to 12.2 million levs ($7.2 million/6.2 million euro) in the first half of the year, from 12.9 million levs in the corresponding period of last year.

The company's operating revenue, which is generated chiefly from exports, fell to 83.9 million levs in the period January-June, from 152.3 million levs in the same period last year,  Kintex said in an interim financial report.

Total operating expenses fell to 70.3 million levs, from 134.2 million levs in the first half of 2018.

In 2017, Kintex net profit soared to 16.5 million levs from 1.15 million in the previous year, as its revenues increased fourfold.

Kintex was established 51 years ago. In 1992, Kintex became a joint stock company wholly owned by the state. It is specialized in exports of products manufactured by Bulgarian defence and machine-building industries.

(1 euro=1.95583 levs)