February 7 (SeeNews) - Bulgarian express delivery company Speedy [BUL:0SP] said on Tuesday its consolidated net profit dropped 39.8% to 5.6 million levs ($3 million/2.9 million euro) last year.
The company’s consolidated revenues rose 19.5% to 146.6 million levs, Speedy said in its 2016 annual financial report.
Consolidated expenses rose to 140.3 million levs in 2016, from 112.6 million levs a year earlier, mainly due to the increased expenses for external services, which rose 29.8% to 88.2 million levs.
Staff-related expenses and amortisation costs both rose by an annual 23.1%, to 28.3 million levs and to 11.7 million levs respectively.
Operating profit fell to 6.3 million levs in 2016, from 10.4 million levs in 2015.
The company’s total assets rose to 89 million levs as of end-2016, compared to 83.8 million levs a year earlier.
In the fourth quarter alone, Speedy’s net profit fell 10.5% year-on-year to 1.7 million levs, while revenues rose by an annual 25.6% to 42.5 million levs.
In 2016, the company made a total of 25.1 million shipments, 24.8% more than in the previous year.
(1 euro = 1.95583 levs)