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SOFIA (Bulgaria), April 20 (SeeNews) - Bulgarian state-owned lignite coal mining company Mini Maritsa Iztok will invest 85 million levs ($53.5 million/43.5 million euro) into the purchase of new excavators, energy minister Temenuzhka Petkova said on Friday.
According to preliminary estimates, the company has closed 2017 with a net profit of 7.0 million levs, as its revenue grew by 56 million levs year-on-year, Petkova said in a statement.
Mini Maritsa Iztok recorded a net profit of 1.5 million levs and operating revenue of 507.6 million levs in 2016, according to the company's financial statement for the year.
The company's coal mines in southern Bulgaria sell their output mainly to three thermal power plants located nearby, two of them owned by ContourGlobal and AES, respectively, and one state-owned. The two power plants owned by ContourGlobal and AES generate around 30% of Bulgaria's electricity output.
(1 euro=1.95583 levs)